Where Has All The Skewness Gone? The Decline In High-Growth (Young) Firms In The U.S.

Ryan A. Decker, John Haltiwanger, Ron S. Jarmin, Javier Miranda

NBER Working Paper No. 21776
Issued in December 2015, Revised in January 2016

---- Acknowledgments ----

We thank the Kauffman Foundation for financial support. We also thank Santiago Bazdresch, Jonathan Haskel, Hubert Janicki, Kristin McCue, Erick Sager, and seminar participants at the Bureau of Labor Statistics, Chicago Booth, George Mason University, Imperial College, and the Midwest Economic Association meetings for helpful comments. The main findings in this paper previously circulated in a paper titled “The Secular Decline in Business Dynamism in the U.S.” The previous paper has been broken into two parts. The current paper focuses on the decline in high-growth firms and skewness. Any opinions and conclusions expressed herein are those of the author(s) and do not necessarily represent the views of the U.S. Census Bureau, the Board of Governors of the Federal Reserve System, its staff, or the National Bureau of Economic Research. All results have been reviewed to ensure that no confidential information is disclosed. Corresponding author: John Haltiwanger

---- 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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