Firm Entry and Exit and Aggregate Growth

• 成果类型: Article
• 署名作者: Asturias, Jose; Hur, Sewon; Kehoe, Timothy J.; Ruhl, Kim J.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Wisconsin System; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20200376
• 发表日期: 2023
• 页码: 48-105
• 关键词: productivity growth; misallocation; selection; DYNAMICS; informality; allocation; barriers; TRADE; FLOWS; TFP

摘要

Applying the Foster, Haltiwanger, and Krizan (2001) decomposition to plant-level manufacturing data from Chile and Korea, we find that the entry and exit of plants account for a larger fraction of aggregate productivity growth during periods of fast GDP growth. To analyze this relationship, we develop a model of firm entry and exit based on Hopenhayn (1992). When we introduce reforms that reduce entry costs or reduce barriers to technology adoption into a calibrated model, we find that the entry and exit terms in the FHK decomposi-tion become more important as GDP grows rapidly, just as they do in the data from Chile and Korea.