Productivity and firm dynamics over the business cycle

dc.contributor.authorAssefa, Abraham
dc.contributor.authorLapitskaya, Darya
dc.contributor.authorUusküla, Lenno
dc.date.accessioned2022-07-05T16:55:05Z
dc.date.available2022-07-05T16:55:05Z
dc.date.issued2022
dc.description.abstractThe paper studies the effects of technology shocks on the creation and destruction of firms. Using US data and a VAR model the paper finds Schumpeterian creative destruction for investment-specific technology shocks. A positive investment-specific technology shock increases the number of firms opening, but also leads to a higher number of firms closing. In contrast, labour-neutral technology shocks also benefit old firms. An increase in overall productivity leads to an increase in the number of new firms and a drop in the number of failures. Both margins contribute to an increase in the number of firms in the economy. A medium-scale DSGE model with endogenous entry and exit that is that is augmented with additional features is able to capture these stylised facts.en
dc.identifier.urihttp://hdl.handle.net/10062/83092
dc.language.isoengen
dc.relationinfo:eu-repo/grantAgreement/EC/H2020/822781///GROWINPROen
dc.rightsinfo:eu-repo/semantics/openAccessen
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectVAR modelen
dc.subjectDSGE modelen
dc.subjectfirm dynamicsen
dc.subjectproductivityen
dc.subjectfirm turnoveren
dc.subjecttechnology shocksen
dc.subjectinvestment specific technology shocksen
dc.titleProductivity and firm dynamics over the business cycleen
dc.typeinfo:eu-repo/semantics/articleen

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