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Entry and Exit Echoes

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Author Info
Boyan Jovanovic (New York University)
Chung-Yi Tse (Hong Kong University)

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Abstract

While aggregate data do not show the investment echoes predicted by vintage-capital models, echoes arise in rates of entry and exit of firms at the industry level. Moreover, industries where prices decline rapidly experience early 'shakeouts'. The relation emerges naturally in a vintage-capital model in which exit of firms sometimes accompanies the replacement of their capital, and in which a shakeout is the first replacement 'echo' of the capital created when the industry is born. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/j.red.2009.07.004
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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

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Handle: RePEc:red:issued:09-105

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Related research
Keywords: Vintage capital;

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This page was last updated on 2009-12-28.

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