Business dynamics have also declined significantly in the United States, as documented for instance by Decker, R., J. Haltiwanger, R. Jarmin and J. Miranda (2018), “Changing Business Dynamism and Productivity: Shocks vs. Responsiveness”, NBER Working Papers 24236. 3 See Cavalleri, M.-C., A. Eliet, P. McAdam, F. Petroulakis, A. Soares, and I. Vansteenkiste (2019).
“Concentration,  Market Power and Dynamism in the Euro area”, forthcoming as ECB discussion paper. 4 For details, see Cavalleri et al. (2019). Similar results were also shown in Döttling, R., G. Gutiérrez and T.  Philippon (2017), “Is there an Investment Gap in Advanced Economies?