Product Creation and Destruction: Evidence and Price Implications
研究了美国经济中产品进入和退出的程度，发现产品市场中的进入退出率是劳动力市场的四倍，且净产品创造具有强顺周期性。考虑产品更替的生活成本指数比固定商品价格指数每年低0.8个百分点，这意味着商业周期波动比官方统计显示的更大。
This paper describes the extent of product creation and destruction in a large sector of the US economy. We find four times more entry and exit in product markets than is found in labor markets because most product turnover happens within firms. Net product creation is strongly procyclical and primarily driven by creation rather than destruction. We find that a cost-of-living index that takes product turnover into account is 0.8 percentage points per year lower than a “fixed goods” price index like the CPI. The procyclicality of the bias implies that business cycles are more volatile than indicated by official statistics.