演講者簡介 : Mr. Wu is expected to receive his Ph.D. in Economics from the University of Rochester in 2023. His research fields are Macroeconomics, Economic Growth, and Labor Economics. He is applying for a position of the Institute of Economics, Academia Sinica now.
演講摘要 : This paper studies firm diversification over 6-digit NAICS industries in U.S. manufacturing. We find that firms specializing in fewer industries now account for a substantially greater share of production than 40 years ago. This reallocation is a key driver of rising industry concentration. Specialized firms have displaced diversified firms among industry leaders—absent this reallocation concentration would have decreased. We then provide evidence that specialized firms produce higher-quality goods: specialized firms tend to charge higher unit prices and are more insulated against Chinese import competition. Based on our empirical findings, we propose a theory in which growth shifts demand toward specialized, high-quality firms, which eventually increases concentration. Our theory indicates that one should expect rising concentration in a growing economy.
