Grown-up business cycles

Benjamin Wild Pugsley; Ayşegül Şahin

doi:10.1093/rfs/hhy063

Grown-up business cycles

Benjamin Wild Pugsley, Ayşegül Şahin

Research output: Contribution to journal › Article › peer-review

39 Scopus citations

Abstract

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.

Original language	English (US)
Article number	63
Pages (from-to)	1102-1147
Number of pages	46
Journal	Review of Financial Studies
Volume	32
Issue number	3
DOIs	https://doi.org/10.1093/rfs/hhy063
State	Published - Mar 1 2019
Externally published	Yes

All Science Journal Classification (ASJC) codes

Accounting
Finance
Economics and Econometrics

Access to Document

10.1093/rfs/hhy063

Cite this

@article{016fb282591542a884f75227f7e26cde,

title = "Grown-up business cycles",

abstract = "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.",

author = "Pugsley, {Benjamin Wild} and Ay{\c s}eg{\"u}l {\c S}ahin",

note = "Publisher Copyright: {\textcopyright} The Author(s) 2018. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For permissions, please e-mail: [email protected].",

year = "2019",

month = mar,

day = "1",

doi = "10.1093/rfs/hhy063",

language = "English (US)",

volume = "32",

pages = "1102--1147",

journal = "Review of Financial Studies",

issn = "0893-9454",

publisher = "Oxford University Press",

number = "3",

}

TY - JOUR

T1 - Grown-up business cycles

AU - Pugsley, Benjamin Wild

AU - Şahin, Ayşegül

N1 - Publisher Copyright: © The Author(s) 2018. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For permissions, please e-mail: [email protected].

PY - 2019/3/1

Y1 - 2019/3/1

N2 - 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.

AB - 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.

UR - http://www.scopus.com/inward/record.url?scp=85054069501&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=85054069501&partnerID=8YFLogxK

U2 - 10.1093/rfs/hhy063

DO - 10.1093/rfs/hhy063

M3 - Article

AN - SCOPUS:85054069501

SN - 0893-9454

VL - 32

SP - 1102

EP - 1147

JO - Review of Financial Studies

JF - Review of Financial Studies

IS - 3

M1 - 63

ER -

Grown-up business cycles

Abstract

All Science Journal Classification (ASJC) codes

Access to Document

Other files and links

Fingerprint

Cite this