Changing Business Dynamism and Productivity: Shocks versus Responsiveness

• 成果类型: Article
• 署名作者: Decker, Ryan A.; Haltiwanger, John; Jarmin, Ron S.; Miranda, Javier
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20190680
• 发表日期: 2020
• 页码: 3952-3990
• 关键词: employment dynamics; volatility; FIRMS; rise

摘要

The pace of job reallocation has declined in the United States in recent decades. We draw insight from canonical models of business dynamics in which reallocation can decline due to (i) lower dispersion of idiosyncratic shocks faced by businesses, or (ii) weaker marginal responsiveness of businesses to shocks. We show that shock dispersion has actually risen, while the responsiveness of business-level employment to productivity has weakened. Moreover, declining responsiveness can account for a significant fraction of the decline in the pace of job reallocation, and we find suggestive evidence this has been a drag on aggregate productivity.