Job Creation and Firm Dynamics in the United （美国就业和公司动态）.pdfVIP

This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Innovation Policy and the Economy, Volume 12 Volume Author/Editor: Josh Lerner and Scott Stern, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-47340-6; 978-0-226-47339-0 cloth; 978-0-226-47340-6 paper Volume URL: /books/lern11-2 Conference Date: April 12, 2011 Publication Date: April 2012 Chapter Title: Job Creation and Firm Dynamics in the United States Chapter Author(s): John Haltiwanger Chapter URL: /chapters/c12451 Chapter pages in book: (p. 17 - 38) 2 Job Creation and Firm Dynamics in the United States John Haltiwanger, University of Maryland and NBER Executive Summary Business dynamism plays an important role in job creation and productivity growth in the United States. Business start-ups are an important contributor to that dynamism. Start-ups contribute disproportionately to job creation but are very heterogeneous in terms of productivity. The subsequent “up-or-out” dy- namic of young businesses is an important source of job and productivity growth: exiting young businesses are of very low productivity, and the surviving young businesses exhibit rapid growth with above average productivity. The United States shows signs of becoming less dynamic over time—exhibiting a slower pace of reallocation with an accompanying slower pace of job creation from business start-ups. The recent recession saw the lowest overall rate of gross job creation and job creation from start-ups since at least 1980. Job creation for small (young) businesses took an especially large hit in the recession and has been very slow to recover. An open question is whether the observed decline in dynamism exhibited by U.S. businesses will have adverse consequences for U.S. innovation, job, and productivity growth in the future. The fundamental impulse that keeps the capital engine in motion comes from the new con