Demographic Origins of the Start-up Deficit
提出美国创业率长期下降源于1970年代末以来劳动供给增长放缓，这一人口学因素可解释约一半的下降，并利用州际差异验证了机制。
We propose a simple explanation for the long-run decline in the US start-up rate. It originates from a slowdown in labor supply growth since the late 1970s, largely predetermined by demographics. This channel can explain roughly half of the decline and why incumbent firm survival and average growth over the life cycle have changed little. We show these results in a standard model of firm dynamics and test the mechanism using cross-state variation in labor supply growth. Finally, we show that a longer entry rate series imputed using historical establishment tabulations rises over the 1960s–1970s period of accelerating labor force growth.