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Working Paper
Entrepreneurship through Employee Mobility, Innovation, and Growth
Baslandze, Salomé
(2022-09-26)
Firm-level productivity differences are big and largely ascribed to ex-ante heterogeneity in the entrepreneurs’ growth potential at birth. Where do these ex-ante differences come from, and what can the policy do to encourage the entry of high-growth entrepreneurs? I study empirically and by means of a quantitative growth model the spinout firms: the firms founded by former employees of the incumbent firms. By focusing on innovating spinouts identified through the inventor mobility in the patent data, I document that spinout entrants significantly outperform regular entrants throughout their ...
FRB Atlanta Working Paper
, Paper 2022-10
Working Paper
Entrepreneurship and State Taxation
Decker, Ryan A.; Curtis, E. Mark
(2018-01-11)
Entrepreneurship plays a vital role in the economy, yet there exists little well-identified research into the effects of taxes on startup activity. Using recently developed county-level data on startups, we examine the effect of states' corporate, personal and sales tax rates on new firm activity and test for cross-border spillovers in response to these policies. We find that new firm employment is negatively?and disproportionately?affected by corporate tax rates. We find little evidence of an effect of personal and sales taxes on entrepreneurial outcomes. Our results are robust to changes in ...
Finance and Economics Discussion Series
, Paper 2018-003
Working Paper
Entry and Exit, Unemployment, and Macroeconomic Tail Risk
Bernstein, Joshua; Throckmorton, Nathaniel A.; Richter, Alexander W.
(2020-06-24)
This paper builds a nonlinear business cycle model with endogenous firm entry and exit and equilibrium unemployment. The entry and exit mechanism generates asymmetry and amplifies the transmission of productivity shocks, exposing the economy to significant tail risk. When calibrating the rates of entry and exit to match their shares of job creation and destruction, our quantitative model generates higher-order moments consistent with U.S. data. Firm exit particularly amplifies the severity and persistence of deep recessions such as the COVID-19 crisis. In the absence of entry and exit, the ...
Working Papers
, Paper 2018
Working Paper
The Firm Size and Leverage Relationship and Its Implications for Entry and Concentration in a Low Interest Rate World
Eyigungor, Burcu; Chatterjee, Satyajit
(2019-03-14)
Larger firms (by sales or employment) have higher leverage. This pattern is explained using a model in which firms produce multiple varieties and borrow with the option to default against their future cash ow. A variety can die with a constant probability, implying that bigger firms (those with more varieties) have lower coefficient of variation of sales and higher leverage. A lower risk-free rate benefits bigger firms more as they are able to lever more and existing firms buy more of the new varieties arriving into the economy. This leads to lower startup rates and greater concentration of ...
Working Papers
, Paper 19-18
Working Paper
Learning, Prices, and Firm Dynamics
Dias, Daniel A.; Bastos, Paulo; Timoshenko, Olga A.
(2017-02-08)
We document new facts about the evolution of firm performance and prices in international markets, and propose a theory of firm dynamics emphasizing the interaction between learning about demand and quality choice to explain the observed patterns. Using data from the Portuguese manufacturing sector, we find that: (1) firms with longer spells of activity in export destinations tend to ship larger quantities at lower prices; (2) older exporters tend to use more expensive inputs; (3) revenue growth within destinations (conditional on initial size) tends to decline with market experience; and (4) ...
International Finance Discussion Papers
, Paper 1193
Report
Appendix for How Exporters Grow
Yedid-Levi, Yaniv; Fitzgerald, Doireann; Haller, Stephanie
(2017-01-24)
No abstract
Staff Report
, Paper 539
Working Paper
Skilled Immigration Frictions as a Barrier for Young Firms
Mandelman, Federico S.; Mishita, Mehra; Shen, Hewei
(2024-02-05)
This paper studies the impact of skilled immigration policy frictions in the United States on technology-intensive firms by age cohorts. We use firm-level data and a general equilibrium model with endogenous firm entry and exit. The empirical results show that skilled immigration policy frictions directly influence young firm dynamics in technology-intensive sectors by affecting firm survival. Our general equilibrium model incorporates skilled foreign labor and immigration policy frictions that mimic the H-1B policy and matches the age distribution of firms in high-technology sectors, showing ...
FRB Atlanta Working Paper
, Paper 2024-2
Report
Firm Dynamics and Random Search over the Business Cycle
Audoly, Richard
(2023-08-01)
I build a tractable random search model with firm dynamics, on-the-job search, and aggregate shocks. Multi-worker firms make recruitment decisions, choose whether to enter or exit the market, and design wage contracts. Tractability is obtained by showing that, under a set of assumptions on the recruitment technology, the decisions of workers and firms can be expressed in terms of the firms’ current productivity. I introduce a numerical solution method to accommodate aggregate shocks in this environment and show that the model can replicate salient features of both firm-level data on ...
Staff Reports
, Paper 1069
Working Paper
Pay, Employment, and Dynamics of Young Firms
Zarutskie, Rebecca; Ma, Wenting; Babina, Tania; Moser, Christian; Ouimet, Paige P.
(2019-08-05)
Why do young firms pay less? Using confidential microdata from the US Census Bureau, we find lower earnings among workers at young firms. However, we argue that such measurement is likely subject to worker and firm selection. Exploiting the two-sided panel nature of the data to control for relevant dimensions of worker and firm heterogeneity, we uncover a positive and significant young-firm pay premium. Furthermore, we show that worker selection at firm birth is related to future firm dynamics, including survival and growth. We tie our empirical findings to a simple model of pay, employment, ...
Opportunity and Inclusive Growth Institute Working Papers
, Paper 21
Working Paper
Connecting to Power: Political Connections, Innovation, and Firm Dynamics
Akcigit, Ufuk; Lotti, Francesca; Baslandze, Salomé
(2020-04-17)
How do political connections affect firm dynamics, innovation, and creative destruction? To answer this question, we build a firm dynamics model, where we allow firms to invest in innovation and/or political connection to advance their productivity and to overcome certain market frictions. Our model generates a number of theoretical testable predictions and highlights a new interaction between static gains and dynamic losses from rent-seeking in aggregate productivity. We test the predictions of our model using a brand-new dataset on Italian firms and their workers. Our dataset spans the ...
FRB Atlanta Working Paper
, Paper 2020-5
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