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We study the changing patterns of business dynamism in Europe after 2000 using novel micro-aggregated data that we collect for 19 European countries. In all of them we document a decline in job reallocation rates that concerns most economic sectors. This is mainly driven by dynamics within sectors size classes and age classes rather than by compositional changes. Large and mature firms show the strongest decline in job reallocation rates. Simultaneously the shares of employment and sales of young firms decline. Consistent with US evidence firms’ employment changes have become less responsive to productivity. However the dispersion of firms’ productivity shocks has decreased too. To enhance our understanding of these patterns we derive a firm-level framework that relates changes in firms’ productivity market power and technology to job reallocation and firms’ responsiveness. |
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