Demand or productivity: What determines firm growth?
Demand or productivity: What determines firm growth?
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DOI：
10.1111/1756-2171.12142
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发表时间：
2016-08
期刊：
影响因子：
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通讯作者：
Andrea Pozzi;F. Schivardi
中科院分区：
文献类型：
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作者：
Andrea Pozzi;F. Schivardi
我们解开了未观察到的异质性的特殊需求和生产率的企业增长的贡献。我们使用的垄断竞争模型与Cobb-Douglas生产和意大利制造企业的数据集包含独特的信息，公司层面的价格，达到三个主要结论。首先，对于企业增长而言，需求冲击至少与生产率冲击同等重要。第二，企业对冲击的反应比无摩擦模型预测的要小，这表明存在调整摩擦。最后，对全要素生产率冲击的反应不足程度要大得多。这意味着存在的摩擦与不同的影响，根据性质的冲击，不同于典型的摩擦研究的文献中的因素配置不当。我们认为企业重组的障碍就是这样一种摩擦，并表明它们阻碍了企业对TFP冲击的反应，而不是对需求冲击的反应。
We disentangle the contribution of unobserved heterogeneity in idiosyncratic demand and productivity to firm growth. We use a model of monopolistic competition with Cobb-Douglas production and a dataset of Italian manufacturing firms containing unique information on firm-level prices to reach three main conclusions. First, demand shocks are at least as important as productivity shocks for firm growth. Second, firms respond to shocks less than a frictionless model would predict, suggesting the existence of adjustment frictions. Finally, the degree of under-response is much larger for TFP shocks. This implies the existence of frictions with differential effects according to the nature of the shock, unlike the typical frictions studied by the literature on factor misallocation. We consider hurdles to firm reorganization as one such friction and show that they hamper firms’ responses to TFP shocks but not to demand shocks.