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Firm size dynamics in the aggregate economy

Author: Esteban Rossi-Hansberg; Mark L J Wright; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2005.
Series: Working paper series (National Bureau of Economic Research), no. 11261.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"Why do firm growth and exit rates decline with size? What determines the size distribution of firms? This paper presents a theory of firm dynamics that simultaneously rationalizes the basic facts on firm growth, exit, and size distributions. The theory emphasizes the accumulation of industry specific human capital in response to industry specific productivity shocks. The theory implies that firm growth and exit  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Esteban Rossi-Hansberg; Mark L J Wright; National Bureau of Economic Research.
OCLC Number: 59130107
Notes: April 2005.
Title from first page of PDF document.
Description: 1 online resource (44 pages) : illustrations (some color).
Series Title: Working paper series (National Bureau of Economic Research), no. 11261.
Responsibility: Esteban Rossi-Hansberg, Mark L.J. Wright.

Abstract:

"Why do firm growth and exit rates decline with size? What determines the size distribution of firms? This paper presents a theory of firm dynamics that simultaneously rationalizes the basic facts on firm growth, exit, and size distributions. The theory emphasizes the accumulation of industry specific human capital in response to industry specific productivity shocks. The theory implies that firm growth and exit rates should decline faster with size, and the size distribution should have thinner tails, in sectors that use human capital less intensively, or correspondingly, physical capital more intensively. In line with the theory, we document substantial sectoral heterogeneity in US firm dynamics and firm size distributions, which is well explained by variation in physical capital intensities"--National Bureau of Economic Research web site.

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