Entry, Exit, Firm Dynamics, and Aggregate Fluctuations

• 成果类型: Article
• 署名作者: Clementi, Gian Luca; Palazzo, Berardino
• 署名单位: New York University; National Bureau of Economic Research; Boston University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20150017
• 发表日期: 2016
• 页码: 1-41
• 关键词: product variety; business cycles; GROWTH; INVESTMENT; plant; reallocation; returns; size

摘要

Firm entry and exit amplify and propagate the effects of aggregate shocks, leading to greater persistence and unconditional variation of aggregate quantities. Following a positive aggregate shock, entry rises. As in the data, entrants are small and their initial impact on aggregate dynamics is negligible. However, as the common productivity component reverts to its unconditional mean, the youngsters that survive grow larger, generating a wider and longer expansion than in a scenario without entry or exit. The model also identifies a causal link between the drop in establishments at the outset of the Great Recession and the subsequent slow recovery.