NEW: "Business exit during the COVID-19 pandemic: Non-traditional measures in historical context," with Leland D. Crane, Aaron Flaaen, Adrian Hamins-Puertolas, and Christopher Kurz. FEDS working paper #2020-089.




Academic Publications


Changing business dynamism and productivity: Shocks vs. responsiveness with John Haltiwanger, Ron S. Jarmin, and Javier Miranda. Forthcoming. American Economic Review. [Most recent draft]

This paper combines research from two previously circulating working papers: (1) "Changing business dynamism: Volatility of shocks vs. responsiveness to shocks?", and (2) "Declining business dynamism: Implications for productivity?". The latter paper was prepared for a Brookings Hutchins Center conference and is described here.


The U.S. labor market during the beginning of the Pandemic Recession, with Tomaz Cajner, Leland Crane, John Grigsby, Adrian Hamins-Puertolas, Erik Hurst, Chris Kurz, and Ahu Yildirmaz. Forthcoming, Brookings Papers on Economic Activity.


Declining dynamism, allocative efficiency, and the productivity slowdown, with John Haltiwanger, Ron S. Jarmin, and Javier Miranda. 2017. American Economic Review: Papers & Proceedings 107(5): 322-326. [pdf including online appendix] (FEDS Working Paper #2017-019) (AER link). Note: Papers & Proceedings volumes are not peer reviewed.


Where Has All the Skewness Gone? The Decline in High-Growth (Young) Firms in the U.S., with John Haltiwanger, Ron S. Jarmin, and Javier Miranda. 2016. European Economic Review 86 (July): 4-23. [pdf] (CES working paper #15-43; NBER working paper #21776) [Web appendix]. Note: Figure 1 of the published draft is missing Y axis labels. See corrected figure here.


Declining business dynamism: What we know and the way forward, with John Haltiwanger, Ron S. Jarmin, and Javier Miranda. 2016. American Economic Review: Papers & Proceedings 106(5): 203-207. [pdf]. Note: Papers & Proceedings volumes are not peer reviewed.    


Market exposure and endogenous firm volatility over the business cycle, with Pablo N. D'Erasmo and Hernan Moscoso Boedo. 2016. American Economic Journal: Macroeconomics 8(1): 148-98. [pdf]. Note: This paper originally circulated as "Intangibles and endogenous firm volatility over the business cycle".


The role of entrepreneurship in U.S. job creation and economic dynamism, with John Haltiwanger, Ron S. Jarmin, and Javier Miranda. 2014. Journal of Economic Perspectives 28:3-24. [pdf]

Other Publications


Tracking the labor market with "big data", with Tomaz Cajner, Leland Crane, Adrian Hamins-Puertolas, and Christopher Kurz. FEDS Notes, 20 September 2019.


Review of Big is Beautiful: Debunking the Myth of Small Business, by Robert D. Atkinson and Michael Lind. 2019. Business Economics 54:145-147. Published version here.
Note: Due to journal formatting constraints, the published version omits most references. See working paper version with updated references discussion here.


Leaving money on the table: Declining responsiveness and the productivity slowdown, with John Haltiwanger, Ron Jarmin, and Javier Miranda. VOXEU column, 12 July 2018.


Natural disasters and the measurement of industrial production: Hurricane Harvey, a case study, with Kimberly Bayard and Charles Gilbert. FEDS Note, 11 October 2017.


Unraveling the oil conundrum: Productivity improvements and cost declines in the U.S. shale oil industry, with Aaron Flaaen and Maria D. Tito. FEDS Note, 22 March 2016.


The decline of high-growth entrepreneurship, with John Haltiwanger, Ron Jarmin, and Javier Miranda. VOXEU column, 19 March 2016.

Working Papers


Boom town business dynamics, with Meagan McCollum and Gregory B. Upton Jr. (under review) [pdf] [FEDS working paper #2020-081] Previously circulated as "Firm dynamics and local economic shocks".


Research with Private Sector Business Microdata: The Case of NETS/D&B, with Leland D. Crane. [pdf] Previously circulated as "Business Dynamics in the National Establishment Time Series (NETS)," which was FEDS working paper #2019-034.


Improving the accuracy of economic measurement with multiple data sources: The case of payroll employment data, with Tomaz Cajner, Leland Crane, Adrian Hamins-Puertolas, and Christopher Kurz. [pdf] [NBER working paper #26033] [FEDS working paper #2019-065] (Forthcoming in the NBER CRIW "Big data for 21st century economic statistics" volume).


Entrepreneurship and state taxation, with E. Mark Curtis (last draft January 2018), FEDS working paper #2018-003 (under review). [pdf] [FEDS working paper #2018-003]. Note: This paper originally circulated as "Entrepreneurship and state policy".


Collateral damage: Housing, entrepreneurship, and job creation (latest draft Jan 2015) [pdf].

Permanent Unpublished Manuscripts


Tracking Labor Market Developments during the COVID-19 Pandemic: A Preliminary Assessment, with Tomaz Cajner, Leland Crane, Adrian Hamins-Puertolas, and Chrisopher Kurz. [FEDS working paper #2020-030]


Using payroll processor microdata to measure aggregate labor market activity, with Tomaz Cajner, Leland Crane, Adrian Hamins-Puertolas, Christopher Kurz, and Tyler Radler. [FEDS working paper #2018-005]


An assessment of the National Establishment Time Series (NETS) database with Keith Barnatchez and Leland D. Crane (last draft October 2017). FEDS working paper #2017-110. [FEDS working paper #2017-110] [FRB Minneapolis System Working Paper 17-29]


Declining  business dynamism: Implications for productivity? with John Haltiwanger, Ron S. Jarmin, and Javier Miranda (2016). [pdf]. (Hutchins Center Working Paper #23)

This manuscript was prepared for a Brookings Hutchins Center event on productivity growth. We do not intend to publish this specific manuscript. Much of the material included in this paper is present in other papers, some published and some still in progress.


The Secular Decline in Business Dynamism in the U.S., with John Haltiwanger, Ron S. Jarmin, and Javier Miranda (2014). [pdf].

We do not intend to publish this manuscript. Much of the material included in this paper is present in other papers, some published and some still in progress.