This paper offers a unified explanation for the slowdown of productivity growth, the decline in
business dynamism, and the rise of market power. Using a quantitative framework, I show …

Introduction it was like a science fiction movie. While I was on another phone I saw Erin, who
was a few thousand miles away, enter my daughter Elena's smartphone and move around …

In the US, large firms now account for a greater share of economic activity, new firms are
being created at slower rates, and workers are receiving a smaller share of GDP. Changes …

A growing body of evidence indicates that the US economy has become less dynamic in
recent years. This trend is evident in declining rates of gross job and worker flows as well as …

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 …

This paper shows that employment in cohorts of US firms is strongly influenced by aggregate
conditions at the time of their entry. Employment fluctuations of startups are procyclical, they …

New firms are an important source of job creation, but the underlying economic mechanisms
for why this is so are not well understood. Using an identification strategy that links shocks to …

In this paper, we first document a clear, downward trend in labor market fluidity that is
common across a variety of measures of worker and job turnover. This trend began in the …

Declining firm entry and the aging incumbent firms have meaningful implications for sluggish
US aggregate productivity growth. We provide a framework to characterize the contributions …

Interstate migration in the United States has decreased steadily since the 1980s, but little is
known about the causes of this decline. We show that declining migration is related to a …