000			01362nam a22001577a 4500
999			_c517952 _d517952
008			210806b ||||| |||| 00| 0 eng d
100			_aSterk, V., Sedlacek, P. and Pugsley, B. _928340
245			_aThe nature of firm growth
260			_aThe American Economic Review
300			_a3(2), Feb, 2021: p.547-579
520			_aAbout one-half of all startups fail within five years, and those that survive grow at vastly different speeds. Using Census microdata, we estimate that most of these differences are determined by ex ante heterogeneity rather than persistent ex post shocks. Embedding such heterogeneity in a firm dynamics model shows that the presence of ex ante heterogeneity (i) is a key determinant of the firm size distribution and firm dynamics, (ii) can strongly affect the macroeconomic effects of firm-level frictions, and (iii) helps understand the recently documented decline in business dynamism by showing a disappearance of high-growth startups ("gazelles") since the mid-1980s. – Reproduced
650			_aProduction; Cost; Capital, Total Factor, and Multifactor Productivity; Capacity, Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity, Labor Demand _928341
773			_aThe American Economic Review
906			_aNEW BUSINESS ENTERPRISES
942			_cAR