000			01314nam a2200229Ia 4500
008			241008s9999||||xx |||||||||||||| ||und||
022			_a0002-8282
100			_aKarahan, Fatih _9121937
245		0	_aDemographic Origins of the Start-up Deficit
260			_bAmerican Economic Review
260			_c2024
300			_a1986-2023
520			_aWe 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.
650			_a Employment _9186
650			_a Demographic Trends, _932606
650			_a Unemployment _93282
650			_a Wages
650			_aFirm Behavior _9120381
700			_a Pugsley, Benjamin _9121938
700			_a Sahin, Aysegul _9121939
856			_uhttps://www.aeaweb.org/articles?id=10.1257/aer.20210362
999			_c134176 _d134176