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Grown-Up Business Cycles

Benjamin Pugsley () and Aysegül Sahin

Working Papers from U.S. Census Bureau, Center for Economic Studies

Abstract: We document two striking facts about U.S. firm dynamics and interpret their significance for employment dynamics. The first is the dramatic decline in firm entry and the second is the gradual shift of employment toward older firms since 1980. We show that despite these trends, the lifecycle dynamics of firms and their business cycle properties have remained virtually unchanged. Consequently, aging is the delayed effect of accumulating startup deficits. Together, the decline in the employment contribution of startups and the shift of employment toward more mature firms contributed to the emergence of jobless recoveries in the U.S. economy.

Keywords: firm dynamics; employment dynamics; business cycles; entrepreneurship (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-ent, nep-mac and nep-sbm
Date: 2015-10
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https://www2.census.gov/ces/wp/2015/CES-WP-15-33.pdf First version, 2015 (application/pdf)

Related works:
Working Paper: Grown-up business cycles (2015) Downloads
Working Paper: Grown-up Business Cycles (2015) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:cen:wpaper:15-33

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