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Entry Costs and the Macroeconomy
by Germán Gutiérrez, Callum Jones, and Thomas Philippon

Series:Working Paper No. 19/233
ISBN 9781513512945
Code: #WPIEA2019233

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
43 pages
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We combine a structural model with cross-sectional micro data to identify the causes and consequences of rising concentration in the US economy. Using asset prices and industry data, we estimate realized and anticipated shocks that drive entry and concentration. We validate our approach by showing that the model-implied entry shocks correlate with independently constructed measures of entry regulations and M&As. We conclude that entry costs have risen in the U.S. over the past 20 years and have depressed capital and consumption by about seven percent.
Entry Costs and the Macroeconomy
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 126367 Added: 2019.11.24