Replication data for: Product Creation and Destruction: Evidence and Price Implications
Principal Investigator(s): View help for Principal Investigator(s) Christian Broda; David E. Weinstein
Version: View help for Version V1
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text/plain | 14.6 KB | 10/11/2019 10:49:AM |
Project Citation:
Broda, Christian, and Weinstein, David E. Replication data for: Product Creation and Destruction: Evidence and Price Implications. Nashville, TN: American Economic Association [publisher], 2010. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112355V1
Project Description
Summary:
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This paper describes the extent of product creation and destruction in a large sector of the US economy. We find four times more entry and exit in product markets than is found in labor markets because most product turnover happens within firms. Net product creation is strongly procyclical and primarily driven by creation rather than destruction. We find that a cost-of-living index that takes product turnover into account is 0.8 percentage points per year lower than a "fixed goods" price index like the CPI. The procyclicality of the bias implies that business cycles are more volatile than indicated by official statistics.
(JEL E31, E32, L11, O31)
Scope of Project
JEL Classification:
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E31 Price Level; Inflation; Deflation
E32 Business Fluctuations; Cycles
L11 Production, Pricing, and Market Structure; Size Distribution of Firms
O31 Innovation and Invention: Processes and Incentives
E31 Price Level; Inflation; Deflation
E32 Business Fluctuations; Cycles
L11 Production, Pricing, and Market Structure; Size Distribution of Firms
O31 Innovation and Invention: Processes and Incentives
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