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Periodic Essay
Reflections: Small Businesses
Mester, Loretta J.
(2022-04-07)
An enviable aspect of the U.S. economy around the globe is our spirit of innovation, entrepreneurship, ease of business entry and exit, and labor market flexibility. These are key attributes of a dynamic economy, one that offers opportunities for people to live good and productive lives. Entrepreneurship – setting up and running one’s own business – has always been part of the narrative of the American dream, an avenue to creating and growing wealth, contributing to the community, and leaving a legacy for one’s family.
Reflections by Loretta Mester
, Volume 2022
, Issue 01
, Pages 13
Journal Article
Tools (Lessons and Strategies) Toward Market Restoration: A Conference Summary
Berry, Michael; Longworth, Susan
(2015)
Community development post-recession takes place in an environment that is greatly changed in terms of both demand for and capacity to deliver services. While no community was immune, the places that were most deeply affected by the Great Recession ? and continue to feel its effects ? are often those places that had suffered from disinvestment for decades leading up to it. The tools and strategies that have been developed and relied on by investors, practitioners and advocates ? in some cases for decades ? need to be adapted to the changes, while continuing to meet ever growing demand.
Profitwise
, Issue 4
, Pages 4-23
Working Paper
Business Formation: A Tale of Two Recessions
Dunne, Timothy; Penciakova, Veronika; Haltiwanger, John; Dinlersoz, Emin M.
(2021-01-29)
The trajectory of new business applications and transitions to employer businesses differ markedly during the Great Recession and the COVID-19 recession. Both applications and transitions to employer startups decreased slowly but persistently in the post-Lehman crisis period of the Great Recession. In contrast, during the COVID-19 recession new applications initially declined but have since sharply rebounded, resulting in a surge in applications during 2020. Projected transitions to employer businesses also rise, but this projection is dampened by a change in the composition of applications ...
FRB Atlanta Working Paper
, Paper 2021-5
Discussion Paper
How Do Natural Disasters Affect U.S. Small Business Owners?
Hiti, Martin; Kramer, Claire; Sarkar, Asani
(2022-09-06)
Recent research has linked climate change and socioeconomic inequality (see here, here, and here). But what are the effects of climate change on small businesses, particularly those owned by people of color, which tend to be more resource-constrained and less resilient? In a series of two posts, we use the Federal Reserve’s Small Business Credit Survey (SBCS) to document small businesses’ experiences with natural disasters and how these experiences differ based on the race and ethnicity of business owners. This first post shows that small firms owned by people of color sustain losses from ...
Liberty Street Economics
, Paper 20220906a
Journal Article
Do Entrepreneurs Pay to Be Entrepreneurs?
Sablik, Timothy
(2018-01)
Some small-business owners are motivated more by values than financial gain
Econ Focus
, Issue 1Q
, Pages 17-19
Working Paper
Firm Entry and Employment Dynamics in the Great Recession
Siemer, Michael
(2014-07-30)
The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small relative to large firms by 4.8 to 10.5 percentage points. The effect of financial constraints is robust to controlling for aggregate demand and is particularly strong in small young firms. I show in a heterogeneous firms model with endogenous firm entry and financial constraints that a large financial shock results in a long-lasting recession caused by a ...
Finance and Economics Discussion Series
, Paper 2014-56
Discussion Paper
COVID-19 and Small Businesses: Uneven Patterns by Race and Income
Topa, Giorgio; Chakrabarti, Rajashri; Melcangi, Davide; Avtar, Ruchi; Pinkovskiy, Maxim L.
(2021-05-27)
The COVID-19 pandemic resulted in one of the sharpest recessions and recoveries in U.S. history. As the virus spread over the country in a matter of weeks in March 2020, most states rapidly locked down nonessential economic activity, which plummeted as a result. As the first wave of COVID-19 subsided and people gradually learned to “live with the virus,” states reversed most of the initial lockdowns and economic activity rebounded. In our ongoing Economic Inequality series, we have explored many aspects of how the economic turmoil associated with COVID-19 differentially affected ...
Liberty Street Economics
, Paper 20210527a
Journal Article
Spotlight on Research: The Role of Small Businesses in Commercial Corridor Revitalization
Smith, Marvin M.
(2015-07)
Revitalizing the commercial sector in inner-city neighborhoods that have deteriorated is fraught with issues concerning, among others, the appropriate retail mix and location of establishments, as well as the impact of such efforts on residents and consumers. A key decision is who will serve as the prime mover for the revitalization activities. An article by Stacey Sutton takes a slightly unorthodox view by suggesting that small business owners are underexplored stakeholders who could spearhead a retail restructuring campaign. The following is a summary of the case she makes to support this ...
Cascade
, Volume 3
Discussion Paper
Small Business Recovery after Natural Disasters
Hiti, Martin; Kramer, Claire; Sarkar, Asani
(2022-09-06)
The first post of this series found that small businesses owned by people of color are particularly vulnerable to natural disasters. In this post, we focus on the aftermath of disasters, and examine disparities in the ability of firms to reopen their businesses and access disaster relief. Our results indicate that Black-owned firms are more likely to remain closed for longer periods and face greater difficulties in obtaining the immediate relief needed to cope with a natural disaster.
Liberty Street Economics
, Paper 20220906b
Journal Article
What keeps small business owners up at night?
Siems, Thomas F.
(2014)
Financial Insights
, Volume 3
, Issue 2
, Pages 1-4
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