Replication data for: Entry, Exit, Firm Dynamics, and Aggregate Fluctuations
Principal Investigator(s): View help for Principal Investigator(s) Gian Luca Clementi; Berardino Palazzo
Version: View help for Version V1
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| data_codes_clementi_palazzo | 12/07/2019 02:19:PM | ||
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text/plain | 14.6 KB | 12/07/2019 09:20:AM |
Project Citation:
Clementi, Gian Luca, and Palazzo, Berardino. Replication data for: Entry, Exit, Firm Dynamics, and Aggregate Fluctuations. Nashville, TN: American Economic Association [publisher], 2016. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116400V1
Project Description
Summary:
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Firm entry and exit amplify and propagate the effects of aggregate shocks, leading to greater persistence and unconditional variation of aggregate quantities. Following a positive aggregate shock, entry rises. As in the data, entrants are small and their initial impact on aggregate dynamics is negligible. However, as the common productivity component reverts to its unconditional mean, the youngsters that survive grow larger, generating a wider and longer expansion than in a scenario without entry or exit. The model also identifies a causal link between the drop in establishments at the outset of the Great Recession and the subsequent slow recovery.
Scope of Project
JEL Classification:
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D21 Firm Behavior: Theory
D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
E22 Investment; Capital; Intangible Capital; Capacity
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
G31 Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
L11 Production, Pricing, and Market Structure; Size Distribution of Firms
D21 Firm Behavior: Theory
D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
E22 Investment; Capital; Intangible Capital; Capacity
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
G31 Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
L11 Production, Pricing, and Market Structure; Size Distribution of Firms
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