Declining Dynamism, Allocative Efficiency, and the Productivity Slowdown
利用企业层面数据，研究了1990年代末至2000年代中期生产率增长的变化，发现配置效率提升减弱是生产率放缓的原因，且与企业内部生产率增长分布相互作用。
A large literature documents declining measures of business dynamism including high-growth young firm activity and job reallocation. A distinct literature describes a slowdown in the pace of aggregate labor productivity growth. We relate these patterns by studying changes in productivity growth from the late 1990s to the mid 2000s using firm-level data. We find that diminished allocative efficiency gains can account for the productivity slowdown in a manner that interacts with the within-firm productivity growth distribution. The evidence suggests that the decline in dynamism is reason for concern and sheds light on debates about the causes of slowing productivity growth.