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