NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Sweat Equity in U.S. Private Business

Anmol Bhandari, Ellen R. McGrattan

NBER Working Paper No. 24520
Issued in April 2018, Revised in January 2020

---- Acknowledgments ----

Bhandari acknowledges support from the Heller-Hurwicz Economic Institute, and McGrattan ac- knowledges support from the NSF. Replication codes and data are available at www.econ.umn.edu/~erm/data/sweat. We thank Yuki Yao for excellent research assistance and James Holt for excel- lent editorial assistance. We thank V.V. Chari, Bob Hall, Ed Prescott, and seminar participants at the University of Colorado, the University of Minnesota, Yale, Autonoma, ASU, NYU, Columbia, the Bank of Korea, the SED, Stanford, CMU, and the EUI for helpful comments. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.

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