Erik Hurst – författare

Start-ups and other entrepreneurial ventures make a significant contribution to the US economy, particularly in the tech sector, where they comprise some of the largest and most influential companies. Yet for every high-profile, high-growth company like Apple, Facebook, Microsoft, and Google, many more fail. This enormous heterogeneity poses conceptual and measurement challenges for economists concerned with understanding their precise impact on economic growth. Measuring Entrepreneurial Businesses brings together economists and data analysts to discuss the most recent research covering three broad themes. The first chapters isolate high- and low-performing entrepreneurial ventures and analyze their roles in creating jobs and driving innovation and productivity. The next chapters turn the focus on specific challenges entrepreneurs face and how they have varied over time, including over business cycles. The final chapters explore core measurement issues, with a focus on new data projects under development that may improve our understanding of this dynamic part of the economy.

Start-ups and other entrepreneurial ventures make a significant contribution to the US economy, particularly in the tech sector, where they comprise some of the largest and most influential companies. Yet for every high-profile, high-growth company like Apple, Facebook, Microsoft, and Google, many more fail. This enormous heterogeneity poses conceptual and measurement challenges for economists concerned with understanding their precise impact on economic growth.             Measuring Entrepreneurial Businesses brings together economists and data analysts to discuss the most recent research covering three broad themes. The first chapters isolate high- and low-performing entrepreneurial ventures and analyze their roles in creating jobs and driving innovation and productivity. The next chapters turn the focus on specific challenges entrepreneurs face and how they have varied over time, including over business cycles. The final chapters explore core measurement issues, with a focus on new data projects under development that may improve our understanding of this dynamic part of the economy.  

Authoritative takes on the most current and pressing issues in macroeconomics today.The NBER Macroeconomics Annual provides a forum for leading economists to participate in important debates in macroeconomics and to report on major developments in macroeconomic analysis and policy.The NBER Macroeconomics Annual brings together leading scholars to discuss five research papers on central issues in contemporary macroeconomics. First, Andrea Eisfeldt, Antonio Falato, and Mindy Xiaolan document the rise of a new class of worker that receives part of its labor income as equity-based compensation, its role in the recent decline in the labor share of income, and implications for the returns to skilled labor and the implied capital-skill complementarity. Next, Michael Bauer and Eric Swanson focus on monetary policy shocks and argue the correlation between estimated monetary surprises and previously available information can be explained by uncertainty about the parameters of the monetary policy rule. Using new data and methods they find effects of monetary policy on macroeconomic variables that are much larger than previously estimated. Job Boerma and Loukas Karabarbounis provide a framework for quantitatively exploring the gap in wealth between White and Black Americans over the past 150 years and examine the effectiveness of reparations as a tool for closing this gap. Guido Menzio considers workers who do not have rational expectations, and whose “stubborn” beliefs change the response of wages to technology shocks, resulting in sticky wages. He finds that the larger the fraction of workers with stubborn beliefs, the more volatile unemployment is. Finally, Rishabh Aggarwal, Adrien Auclert, Matthew Rognlie, and Ludwig Straub investigate the growth—particularly in the United States—of private savings, current account deficits, and fiscal deficits after 2020. They argue that fiscal deficits lead to large and persistent increases in private savings and current account deficits.