Changing Business Dynamism and Productivity: Shocks versus Responsiveness
研究了美国近几十年工作重新配置速度下降的原因，发现企业冲击的分散度实际上上升了，而企业对冲击的响应减弱是导致重新配置放缓并拖累总体生产率的主要因素。
The pace of job reallocation has declined in the United States in recent decades. We draw insight from canonical models of business dynamics in which reallocation can decline due to (i ) lower dis persion of idiosyncratic shocks faced by businesses, or (ii ) weaker marginal responsiveness of businesses to shocks. We show that shock dispersion has actually risen, while the responsiveness of business-level employment to productivity has weakened. Moreover, declining responsiveness can account for a significant fraction of the decline in the pace of job reallocation, and we find suggestive evidence this has been a drag on aggregate productivity.