Ten Facts on Declining Business Dynamism and Lessons from Endogenous Growth Theory
Ten Facts on Declining Business Dynamism and Lessons from Endogenous Growth Theory
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DOI：
10.1257/mac.20180449
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发表时间：
2019-04
期刊：
影响因子：
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通讯作者：
Ufuk Akcigit;Sina T. Ateş
中科院分区：
文献类型：
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作者：
Ufuk Akcigit;Sina T. Ateş
本文回顾了有关美国商业活力下降及其影响的文献，并提出了一个统一的理论来分析这种下降的症状和潜在原因。我们首先强调10个明显的程式化的事实有关的商业活力下降的文献记录，并讨论一些现有的尝试来解释它们。然后，我们描述了一个理论框架的内源性加价，创新和竞争，可以潜在地说所有这些事实联合。接下来，我们将探讨这一框架的一些理论预测，这些预测是由两种相互作用的力量形成的：一种是决定市场集中度的成分效应，另一种是决定企业如何应对经济中给定集中度的激励效应。研究结果强调，前沿和落后企业之间的知识扩散下降可能是数据中观察到的经验趋势的重要驱动因素。本研究强调了增长理论在分析企业活力下降背后的因素方面的潜力，以及在这一方向上进一步研究的必要性。(JEL D33、E25、J24、L13、O33、O34）
In this paper, we review the literature on declining business dynamism and its implications in the United States and propose a unifying theory to analyze the symptoms and the potential causes of this decline. We first highlight 10 pronounced stylized facts related to declining business dynamism documented in the literature and discuss some of the existing attempts to explain them. We then describe a theoretical framework of endogenous markups, innovation, and competition that can potentially speak to all of these facts jointly. We next explore some theoretical predictions of this framework, which are shaped by two interacting forces: a composition effect that determines the market concentration and an incentive effect that determines how firms respond to a given concentration in the economy. The results highlight that a decline in knowledge diffusion between frontier and laggard firms could be a significant driver of empirical trends observed in the data. This study emphasizes the potential of growth theory for the analysis of factors behind declining business dynamism and the need for further investigation in this direction. (JEL D33, E25, J24, L13, O33, O34)