NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

How Firms Respond to Business Cycles: The Role of Firm Age and Firm Size

Teresa C. Fort, John Haltiwanger, Ron S. Jarmin, Javier Miranda

NBER Working Paper No. 19134
Issued in June 2013

---- Acknowledgements -----

We thank participants at seminars at CES, Harvard, and INSEAD, attendees at the IMF ARC Conference and the NBER Entrepreneurship Workshop, Pierre-Olivier Gourinchas, Roberto Fattal Jaef, Ayhan Kose, Giuseppe Moscarini, Robert Strom and two anonymous referees for helpful comments and the Kauffman Foundation for financial support. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau or the National Bureau of Economic Research. All results have been reviewed to ensure that no confidential information is disclosed. We thank Ryan Decker for his assistance developing the STATA code used in this paper as well as Inessa Love for the original version of PVAR.

---- Disclosure of Financial Relationships for Teresa C. Fort -----

This paper was presented at the IMF Annual Research Conference in November 2012. Papers from that conference are considered for publication in the IMF Economic Review and this paper is under consideration at that journal. Upon acceptance and publication in that journal, authors share an honorarium for participating in the Annual Research Conference and publishing the paper in the IMF Economic Review.

---- Disclosure of Financial Relationships for John Haltiwanger -----

This paper was presented at the IMF Annual Research Conference in November 2012. Papers from that conference are considered for publication in the IMF Economic Review and this paper is under consideration at that journal. Upon acceptance and publication in that journal, authors share an honorarium for participating in the Annual Research Conference and publishing the paper in the IMF Economic Review.

---- Disclosure of Financial Relationships for Javier Miranda -----

In compliance with the requirement of the Journal’s disclosure policy, I would like to state that I, Javier Miranda, am an employee of the U.S. Census Bureau. I have received no direct financial support from any organization but I am one of the Principal Investigators on the grant from the Kauffman Foundation that we note in the acknowledgements section. The support from the Kauffman Foundation is directly related to this research as they have supported the development of the data infrastructure used in this paper as well as research analysis related to the topics in this paper. We are also using proprietary data in this paper housed at the U.S. Bureau of the Census. As we note in the acknowledgements section “All results have been reviewed to ensure that no confidential information is disclosed.”

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