| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14094 |
| DP14094 A Theory of Falling Growth and Rising Rents | |
| Philippe Aghion; Antonin Bergeaud; Timo Boppart; Peter J. Klenow; Huiyu Li | |
| 发表日期 | 2019-11-04 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Growth has fallen in the U.S., while firm concentration and profits have risen. Meanwhile, labor's share of national income is down, mostly due to the rising market share of low labor share firms. We propose a theory for these trends in which the driving force is falling firm-level costs of spanning multiple markets, perhaps due to accelerating IT advances. In response, the most efficient firms (with higher markups) spread into new markets, thereby generating a temporary burst of growth. Because their efficiency is difficult to imitate, less efficient firms find markets more difficult to enter profitably and therefore innovate less. Eventually, due to greater competition from efficient firms, within-firm markups actually fall. Despite the increase in the aggregate markup and rents, firm incentives to innovate decline --- lowering the long run growth rate. |
| 主题 | Macroeconomics and Growth |
| 关键词 | Productivity slowdown Labor's income share Concentration Markups Rents |
| URL | https://cepr.org/publications/dp14094 |
| 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/542981 |
| 推荐引用方式 GB/T 7714 | Philippe Aghion,Antonin Bergeaud,Timo Boppart,et al. DP14094 A Theory of Falling Growth and Rising Rents. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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