活力
生产力
市场支配力
经济
全要素生产率
Boosting(机器学习)
产业组织
边际产品
商业周期
生产(经济)
微观经济学
宏观经济学
垄断
物理
机器学习
量子力学
计算机科学
摘要
This paper offers a unified explanation for the slowdown of productivity growth, the decline in business dynamism, and the rise of market power. Using a quantitative framework, I show that the rise of intangible inputs, such as software, can explain these trends. Intangibles reduce marginal costs and raise fixed costs, which gives firms with high-intangible adoption a competitive advantage, in turn deterring other firms from entering. I structurally estimate the model on French and US micro data. After initially boosting productivity, the rise of intangibles causes a decline in productivity growth, consistent with the empirical trends observed since the mid-1990s. (JEL D22, D24, E23, L11, O31, O47)
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