000			01163nam a22001577a 4500
999			_c517632 _d517632
008			210722b ||||| |||| 00| 0 eng d
100			_aDecker, Ryan A. _927325
245			_aChanging business dynamism and productivity: Shocks versus responsiveness
260			_aThe American Economic Review
300			_a110(12), Dec, 2020: p.3952-3990
520			_aThe 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 dispersion 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. – Reproduced
650			_aJob reallocation, _927326
773			_aThe American Economic Review
906			_aEMPLOYMENT - UNITED STATES
942			_cAR