Reallocation and Technology: Evidence from the US Steel Industry

• 成果类型: Article
• 署名作者: Collard-Wexler, Allan; De Loecker, Jan
• 署名单位: Duke University; Princeton University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20130090
• 发表日期: 2015
• 页码: 131-171
• 关键词: management-practices; PRODUCTIVITY; FIRMS; DYNAMICS; GROWTH; IMPACT; TRADE

摘要

We measure the impact of a drastic new technology for producing steel-the minimill-on industry-wide productivity in the US steel industry, using unique plant-level data between 1963 and 2002. The sharp increase in the industry's productivity is linked to this new technology through two distinct mechanisms: (i) the mere displacement of the older technology (vertically integrated producers) was responsible for a third of the increase in the industry's productivity, and (ii) increased competition, due the minimill expansion, drove a productivity resurgence at the surviving vertical integrated producers and, consequently, the productivity of the industry as a whole.