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The growth potential of startups over the business cycle

Abstract:

This paper shows that employment in cohorts of US firms is strongly influenced by aggregate conditions at the time of their entry. Employment fluctuations of startups are procyclical, they persist into later years, and cohort-level employment variations are largely driven by differences in firm size, rather than the number of firms. An estimated general equilibrium firm dynamics model reveals that aggregate conditions at birth, rather than post-entry choices, drive the majority of cohort-leve...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Publisher's version

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Publisher copy:
10.1257/aer.20141280

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Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Economics
Publisher:
American Economic Association Publisher's website
Journal:
American Economic Review Journal website
Volume:
107
Issue:
10
Pages:
3182-3210
Publication date:
2017-10-05
Acceptance date:
2017-05-05
DOI:
Pubs id:
pubs:733140
URN:
uri:8eb0c43f-201b-4ddb-ac51-9d2b17597a9c
UUID:
uuid:8eb0c43f-201b-4ddb-ac51-9d2b17597a9c
Local pid:
pubs:733140

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