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Entry costs and the macroeconomy

Author: German Gutierrez; Callum Jones; Thomas Philippon; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2019.
Series: Working paper series (National Bureau of Economic Research), no. 25609.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We propose a model to identify the causes of rising profits and concentration, and declining entry and investment in the US economy. Our approach combines a rich structural DSGE model with cross-sectional identification from firm and industry data. Using asset prices, our model estimates the realized and anticipated shocks that drive the endogeneity of entry and concentration and recovers shocks to entry costs. We  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: German Gutierrez; Callum Jones; Thomas Philippon; National Bureau of Economic Research,
OCLC Number: 1089151448
Notes: "February 2019"
Description: 1 online resource (56 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 25609.
Responsibility: Germán Gutiérrez, Callum Jones, Thomas Philippon.

Abstract:

We propose a model to identify the causes of rising profits and concentration, and declining entry and investment in the US economy. Our approach combines a rich structural DSGE model with cross-sectional identification from firm and industry data. Using asset prices, our model estimates the realized and anticipated shocks that drive the endogeneity of entry and concentration and recovers shocks to entry costs. We validate our approach by showing that the model-implied entry shocks correlate with independently constructed measures of entry regulation and M&A activities. We conclude that entry costs have risen and that the ensuing decline in competition has depressed consumption by five to ten percent.

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