Reallocation in the Great Recession: Cleansing or Not?

• 成果类型: Article
• 署名作者: Foster, Lucia; Grim, Cheryl; Haltiwanger, John
• 署名单位: University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/682397
• 发表日期: 2016
• 页码: S293-S331
• 关键词: gross job creation; PRODUCTIVITY; EMPLOYMENT; selection; destruction; EFFICIENCY; turnover; DYNAMICS; industry; entry

摘要

The high pace of reallocation across producers is pervasive in the US economy. Evidence shows that this high pace of reallocation is closely linked to productivity. While these patterns hold on average, the extent to which the reallocation dynamics in recessions are cleansing is an open question. We find that downturns prior to the Great Recession are periods of accelerated reallocation even more productivity enhancing than reallocation in normal times. In the Great Recession, we find that the intensity of reallocation fell rather than rose and that the reallocation that did occur was less productivity enhancing than in prior recessions.