| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP14219
|
| DP14219 The Failure of Free Entry |
| German Gutierrez
|
| 发表日期 | 2019-12-19
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | We study the entry and exit of firms across U.S. industries over the past 40 years. The elasticity of entry
with respect to Tobin’s Q was positive and significant until the late 1990s but declined to zero afterwards.
Standard macroeconomic models suggest two potential explanations: rising entry costs or rising returns
to scale. We find that neither returns to scale nor technological costs can explain the decline in the Q elasticity
of entry, but lobbying and regulations can. We reconcile conflicting results in the literature and
show that regulations drive down the entry and growth of small firms relative to large ones, particularly
in industries with high lobbying expenditures. We conclude that lobbying and regulations have caused
free entry to fail. |
| 主题 | Macroeconomics and Growth
|
| URL | https://cepr.org/publications/dp14219
|
| 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/543106
|
推荐引用方式
GB/T 7714 |
German Gutierrez. DP14219 The Failure of Free Entry. 2019.
|
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