Entry, Exit, and Investment-Specific Technical Change
利用欧洲数据发现行业进入退出率与投资特定技术变革率正相关，且进入成本对进入退出率的影响取决于技术变革率，并构建一般均衡模型解释这些事实。
Using European data, this paper finds that (i) industry entry and exit rates are positively related to industry rates of investment-specific technical change (ISTC); and (ii) the sensitivity of industry entry and exit rates to cross-country differences in entry costs depends on industry rates of ISTC. The paper constructs a general equilibrium model in which the rate of ISTC varies across industries and new investment-specific technologies can be introduced by entrants or by incumbents. In the calibrated model, equilibrium behavior is consistent with stylized facts (i) and (ii), provided the cost of technology adoption is increasing in the rate of ISTC.