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Demographic origins of the startup deficit
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| Authors and Corporations: | , , |
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| Other Authors: | Pugsley, Benjamin [Author] • Şahin, Ayşegül [Author] |
| Type of Resource: | E-Book |
| Language: | English |
| published: | |
| Series: |
Federal Reserve Bank of New York: Staff reports ; no. 888 (May 2019)
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| Source: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Summary: | We propose a simple explanation for the long-run decline in the startup rate. It was caused by a slowdown in labor supply growth since the late 1970s, largely pre-determined by demographics. This channel explains roughly two-thirds of the decline and why incumbent firm survival and average growth over the lifecycle have been little changed. We show these results in a standard model of firm dynamics and test the mechanism using shocks to labor supply growth across states. Finally, we show a longer startup rate series, imputed using historical establishment tabulations, that rises over the 1960-70s period of accelerating labor force growth. |
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| Physical Description: | 1 Online-Ressource (circa 46 Seiten); Illustrationen; Appendix: 1 Online-Ressource (circa 30 Seiten) |