The Role of Startups in Structural Transformation
分解了美国就业跨部门再配置的来源，发现至少50%的调整来自初创企业进入，不同行业获得的初创就业份额差异是主因，其余主要来自行业生命周期差异。
The U.S. economy has been going through a striking structural transformation--the secular reallocation of employment across sectors--over the past several decades. We propose a decomposition framework to assess the contributions of various margins of firm dynamics to this shift. Using firm-level data, we find that at least 50 percent of the adjustment has been taking place along the entry margin, due to sectors receiving different shares of startup employment than their employment shares. The rest is mostly due to life cycle differences across sectors. Declining overall entry has a small but growing effect of dampening structural transformation.