Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Working Paper
Firm Entry and Macroeconomic Dynamics: A State-level Analysis
Siemer, Michael; Gourio, Francois; Messer, Todd (2016-02)
Using an annual panel of US states over the period 1982-2014, we estimate the response of macroeconomic variables to a shock to the number of new firms (startups). We find that these shocks have significant effects that persist for many years on real GDP, productivity, and population. This result is consistent with simple models of firm dynamics where a ?missing generation? of firms affects productivity persistently.
Finance and Economics Discussion Series , Paper 2016-043

Working Paper
Mega Firms and New Technological Trajectories in the U.S.
Choi, Joonkyu; Braguinsky, Serguey; Ding, Yuheng; Jo, Karam; Kim, Seula (2025-08-06)
We provide evidence that mega firms have played an increasingly important role in shaping new technological trajectories in recent years. While the share of novel patents---defined as patents introducing new combinations of technological components---produced by mega firms declined until around 2000, it has rebounded sharply since then. Furthermore, we find that the technological impact and knowledge diffusion of novel patents by mega firms have grown relative to those by non-mega firms after 2001. We also explore potential drivers of this trend, presenting evidence that the rise in novel ...
Finance and Economics Discussion Series , Paper 2025-060

Working Paper
The Effect of Immigration on Business Dynamics and Employment
Orrenius, Pia M.; Abraham, Alexander T.; Zavodny, Madeline (2020-02-28)
Immigration, like any positive labor supply shock, should increase the return to capital and spur business investment. These changes should have a positive impact on business creation and expansion, particularly in areas that receive large immigrant inflows. Despite this clear prediction, there is sparse empirical evidence on the effect of immigration on business dynamics. One reason may be data unavailability since public-access firm-level data are rare. This study examines the impact of immigration on business dynamics and employment by combining U.S. data on immigrant inflows from the ...
Working Papers , Paper 2004

Working Paper
Is Bigger Necessarily Better in Community Banking?
Jagtiani, Julapa; Mester, Loretta J.; Hughes, Joseph P. (2016-06-10)
SIPERSEDED BY WP 18-11 We investigate the relative performance of publicly traded community banks (those with assets less than $10 billion) versus larger banks (those with assets between $10 billion and $50 billion). A body of research has shown that community banks have potential advantages in relationship lending compared with large banks, although newer research suggests that these advantages may be shrinking. In addition, the burdens placed on community banks by the regulatory reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the need to increase ...
Working Papers , Paper 16-15

Report
The role of start-ups in structural transformation
Karahan, Fatih; Sahin, Aysegul; Dent, Robert C.; Pugsley, Benjamin (2016-01-01)
The U.S. economy has been going through a striking structural transformation?the secular reallocation of employment across sectors?over the past several decades. We propose a decomposition framework to assess the contributions of various margins of firm dynamics to this shift. Using firm-level data, we find that at least 50 percent of the adjustment has been taking place along the entry margin, owing to sectors receiving shares of start-up employment that differ from their overall employment shares. The rest is mostly the result of life cycle differences across sectors. Declining overall ...
Staff Reports , Paper 762

Working Paper
High-Growth Firms in the United States: Key Trends and New Data Opportunities
Kim, J. Daniel; Choi, Joonkyu; Goldschlag, Nathan; Haltiwanger, John (2024-09-20)
Using administrative data from the U.S. Census Bureau, we introduce a new public-use database that tracks activities across firm growth distributions over time. With these new data, we uncover several key trends for high-growth firms---critical engines of innovation and economic growth. First, the share of firms that are high-growth has steadily decreased over the past four decades, driven not only by falling rates of entrepreneurship but also languishing growth among existing firms. Second, this decline is particularly pronounced among young and small firms, while the share of high-growth ...
Finance and Economics Discussion Series , Paper 2024-074

Working Paper
Bank Capital Pressures, Loan Substitutability, and Nonfinancial Employment
Lee, Seung Jung; Stebunovs, Viktors (2016-04)
We exploit the cross-state, cross-time variation in bank tangible capital ratios-brought about by bank branch deregulation on a state-by-state basis-to identify the effects of bank capital pressures on employment and firm dynamics during two waves of changes in bank capital regulation. We show that stronger capital pressures temporarily slowed down growth in employment in industries that depend on external finance, retarding growth in the average size of firms rather than in the number of firms. Such effects were particularly strong for smaller firms that may not have had access to national ...
International Finance Discussion Papers , Paper 1161

Working Paper
The Credit Crunch and Fall in Employment during the Great Recession
Lee, Seung Jung; Stebunovs, Viktors; Haltenhof, Samuel (2014-02)
We study the existence and economic significance of bank lending channels that affect employment in U.S. manufacturing industries. In particular, we address the question of how a dramatic worsening of firm and consumer access to bank credit, such as the one observed over the Great Recession, translates into job losses in these industries. To identify these channels, we rely on differences in the degree of external finance dependence and of asset tangibility across manufacturing industries and in the sensitivity of these industries' output to changes in the supply of consumer credit. We show ...
Finance and Economics Discussion Series , Paper 2014-06

Journal Article
Profits and balance sheet developments at U.S. commercial banks in 2005
Klee, Elizabeth C.; Weinbach, Gretchen C. (2006-06)
Federal Reserve Bulletin , Volume 92 , Issue Jun

Working Paper
CONSUMER LENDING EFFICIENCY:COMMERCIAL BANKS VERSUS A FINTECH LENDER
Jagtiani, Julapa; Hughes, Joseph P.; Moon, Choon-Geol (2019-04-02)
We compare the performance of unsecured personal installment loans made by traditional bank lenders with that of LendingClub, using a stochastic frontier estimation technique to decompose the observed nonperforming loans into three components. The first is the best-practice minimum ratio that a lender could achieve if it were fully efficient at credit-risk evaluation and loan management. The second is a ratio that reflects the difference between the observed ratio (adjusted for noise) and the minimum ratio that gauges the lender?s relative proficiency at credit analysis and loan monitoring. ...
Working Papers , Paper 19-22

show more (44)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords