Firm Entry and Macroeconomic Dynamics: A State-Level Analysis
利用1982-2014年美国各州年度面板数据，估计新企业数量冲击对实际GDP、生产率和人口的长期显著影响，支持企业动态模型中“缺失一代”企业持续影响生产率的观点。
Using an annual panel of US states over the period 1982-2014, we estimate the response of macroeconomic variables to a shock to the number of new firms (startups). We find that these shocks have significant effects that persist for many years on real GDP, productivity, and population. This is consistent with simple models of firm dynamics where a “missing generation” of firms affects productivity persistently.