| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12536 |
| DP12536 Declining Competition and Investment in the U.S. | |
| Thomas Philippon; German Gutierrez | |
| 发表日期 | 2017-12-22 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We argue that the increasing concentration of US industries is not an efficient response to changes in technology and reflects instead decreasing domestic competition. Concentration has risen in the U.S. but not in Europe; concentration and productivity are negatively related; and industry leaders cut investment when concentration increases. We then establish the causal impact of competition on investment using Chinese competition in manufacturing, noisy entry in the late 1990s, and discrete jumps in concentration following large M&As. We find that more (less) competition causes more (less) investment, particularly in intangible assets and by industry leaders. |
| 主题 | Industrial Organization ; Macroeconomics and Growth |
| 关键词 | Markups Concentration investment |
| URL | https://cepr.org/publications/dp12536 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541347 |
| 推荐引用方式 GB/T 7714 | Thomas Philippon,German Gutierrez. DP12536 Declining Competition and Investment in the U.S.. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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