Grown-up Business Cycles

• 成果类型: Article
• 署名作者: Pugsley, Benjamin Wild; Sahin, Aysegul
• 署名单位: University of Notre Dame; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhy063
• 发表日期: 2019
• 页码: 1102
• 关键词: job creation; Firm age; STARTUPS; BEHAVIOR; entry; EXIT

摘要

The entry rate of U.S. employer businesses has declined for more than 30 years. We use a novel dynamic decomposition framework to show that regardless of its causes, the direct effects of the continued decline in the entry rate and its delayed effects on the firm age distribution together play a major role in the slowing of trend employment growth and the emergence of jobless recoveries. We identify changing demographic structure of the population and increased import competition as leading factors behind the decline in startup activity. Received September 1, 2015; editorial decision April 5, 2018 by Editor Francesca Cornelli. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.