Entrepreneurial tail risk: Implications for employment dynamics
成果类型：
Article
署名作者：
Drautzburg, Thorsten
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2018.08.008
发表日期：
2019
页码：
85-100
关键词：
摘要：
New businesses are important for job creation and have contributed more than proportionally to the recent economic fluctuations. Given the risk exposure of entrepreneurs, this paper asks whether changing risk can explain the dynamics of new businesses. It makes two contributions. First, it provides a tractable, quantitative framework for analyzing business creation when entrants are exposed to idiosyncratic risk. Second, it provides conditions under which data on the size distribution of new businesses and their exit rates identifies entrepreneurial risk. According to the structural estimates, fluctuations in such risk explain around 40% of the employment fluctuations at new U.S. businesses. (C) 2018 Elsevier B.V. All rights reserved.
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