![]() ![]() Business environment and firm entry: Evidence from international data. In New developments in productivity analysis, ed. Aggregate productivity growth: Lessons from microeconomic evidence. Regulation of entry and the distortion of industrial organization. Cambridge, MA: MIT Press.įishman, R., and V. Zombie lending and depressed restructuring in Japan. Effective labor regulation and microeconomic flexibility. Review of Economic Studies 72: 313–341.Ĭaballero, R., K. The cost of recessions revisited: A reverseliquidationist view. New York: Palgrave MacMillan.Ĭaballero, R., and M. Institutions, restructuring, and macroeconomic performance. #Creative destruction definition economics series#Carnegie-Rochester Conference Series on Public Policy 48: 51–94.Ĭaballero, R., and M. Jobless growth: Appropriability, factor substitution and unemployment. Journal of Political Economy 106: 724–767.Ĭaballero, R., and M. ![]() Journal of Development Economics 51: 161–192.Ĭaballero, R., and M. Quarterly Journal of Economics 111: 805–852.Ĭaballero, R., and M. On the timing and efficiency of creative destruction. American Economic Review 86 (2): 181–186.Ĭaballero, R., and M. The fundamental transformation in macroeconomics. American Economic Review 84: 1350–1368.Ĭaballero, R., and M. Cambridge, MA: MIT Press.Ĭaballero, R., and M. Specificity and the macroeconomics of restructuring. London: Centre for Economic Policy Research.Ĭaballero, R. Banking deregulation and industry structure: Evidence from the French banking reforms of 1985. Journal of International Economics 68: 219–237.īertrand, M., A. Survival of the best fit: Exposure to low- wage countries and the (uneven) growth of US manufacturing plants. Mimeo: University of Maryland.īernard, A., J. Microeconomic evidence of creative destruction in industrial and developing countries. Washington, DC: Board of Governors, Federal Reserve System.īartelsman, E., J. Productivity dynamics: US manufacturing plants, 1972–1986, Finance and economics discussion series. Washington, DC: Brookings Institution.īartelsman, E., and P. In Brookings papers on economic activity: Microeconomics, ed. Productivity dynamics in manufacturing establishments. Obstacles to the process of creative destruction can have severe short- and long-run macroeconomic consequences. At business cycle frequency, restructuring typically declines during recessions, and this add a significant cost to downturns. Over the long run, the process of creative destruction accounts for over 50 per cent of productivity growth. This restructuring process permeates major aspects of macroeconomic performance, not only long-run growth but also economic fluctuations, structural adjustment and the functioning of factor markets. Creative destruction refers to the incessant product and process innovation mechanism by which new production units replace outdated ones. ![]()
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