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This paper presents a dynamic framework of intra-industry oligopolistic competition. The aim is to study whether the documented increase in firm-level business dynamism caused stagnation at the sectoral level. The analysis relies on the occurrence of the ICT revolution, which is proxied by two one-time permanent shocks, namely an increase in entry costs and an increase in the volatility of the idiosyncratic productivity. The response of the industry endogenously generates the decrease in sectoral business dynamism observed empirically. Results can be decomposed in two main channels, which happen with different timings: a change in the composition of the sector, since the relative number of high-markup firms increases during the first periods of the transition, and a reallocation of market power, given that, over time, superstar firms manage to capture the market shares of the exiting or damaged firms.(co-authored by Agnieszka Markiewicz).
The online brownbag seminar will be chaired by Dirk Schindler.
In order to make this online seminar run as smooth as possible, we would like to inform you how we would like to organize questions/discussion.
If you have a question for the presenter during the seminar, then please make yourself known as follows:
1. Raise your virtual hands (in Zoom) if you want to say something.
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3. If the presenter and the host don’t see either of those signals, then please send
Dirk a chat message.
4. If none of that works, then you should feel free to intervene.