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Declining Business Dynamism in Europe: The Role of Shocks, Market Power, and Technology
Filippo Biondi, Sergio Inferrera, Matthias Mertens, Javier Miranda
VoxEU CEPR,
2024
Abstract
We study changes in business dynamism in Europe after 2000 using novel micro-aggregated data that we collected for 19 European countries. In all countries, we document a broad-based decline in job reallocation rates that concerns most economic sectors and size classes. This decline is mainly driven by dynamics within sectors, size, and age classes rather than by compositional changes. Large and mature firms experience the strongest decline in job reallocation rates. Simultaneously, the employment shares of young firms decline. Consistent with US evidence, firms’ employment has become less responsive to productivity shocks. However, the dispersion of firms’ productivity shocks has decreased too. To enhance our understanding of these patterns, we derive and apply a novel firm-level framework that relates changes in firms’ sales, market power, wages, and production technology to firms’ responsiveness and job reallocation.
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A turning point for the German economy? The international political environment has fundamentally changed with looming trade wars and a deteriorating security situation in Europe.…
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MICROPROD Raising EU Productivity: Lessons from Improved Micro Data The goal of MICROPROD is to contribute to a greater understanding of the challenges brought about in Europe by…
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IWH Subsidy Databse The microdatabase currently comprises nine data sets on direct business subsidy programmes in Germany. The programme statistics kept by the project sponsors…
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The CompNet Competitiveness Database The Competitiveness Research Network (CompNet) is a forum for high level research and policy analysis in the areas of competitiveness and…
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