作者：Davis, Steven j.; Haltiwanger, John
作者单位：Stanford University; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
摘要：We estimate the effects of house price changes on young -firm employment shares and industry -level employment growth in local economies. A novel test shows that house price effects on local economies work through wealth , liquidity , and collateral effects on the propensity to start new firms and expand young ones. Aggregating local effects to the national level , our estimates imply that housing market ups and downs play a major role - as transmission channel and driving force - in medium -r...
作者：Kalemli-Ozcan, Sebnem; Sorensen, Bent E.; Villegas-Sanchez, Carolina; Volosovych, Vadym; Yesiltas, Sevcan
作者单位：National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; University of Houston System; University of Houston; Centre for Economic Policy Research - UK; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Koc University
摘要：We construct nationally representative firm -level longitudinal data for European countries using financial statements from the Orbis database. We validate our data by comparing its coverage and firm size distribution to official statistics. We showcase two applications to show the importance of firm representativeness in understanding macroeconomic outcomes. First , we show that small and medium-sized firms account for a large share of aggregate economic activity. Second , we document that fi...
