Working Papers

"Demographic Origins of the Startup Deficit", with Fatih Karahan and Ayşegül Şahin, March 2021 [EF&G Slides] Revision invited at American Economic Review

Online appendix | New York Fed Staff Report 888 | NBER Working Paper w25874 | BibTeX

"Inequality in the The Welfare Costs of Disinflation" with Hannah Rubinton, January 2021. 2nd revision invited at Journal of Monetary Economics

"Taxes, Private Equity and Evolution of Income Inequality in the U.S." with Sebastian Dyrda, August 2019 [EM3C Slides] [MWM]


"The Nature of Firm Growth", with Petr Sedlacek and Vincent Sterk

American Economic Review, Volume 111(2), February 2021, Pages 547-79.

Published version | Online appendix | Download autocovariance moments | CEPR Discussion Paper DP12670

"Grown-up Business Cycles", with Ayşegül Şahin

The Review of Financial Studies, Volume 32(3), March 2019, Pages 1102–47.

Published version | Online appendix | Replication files | New York Fed Staff Report 707

"Older and Slower: The Startup Deficit's Lasting Impact on Productivity Growth" , with Titan Alon, David Berger, and Rob Dent

Journal of Monetary Economics, Volume 93, January 2018, Pages 68-85.

Published version | Online appendix | NBER Working Paper w23875

"Do Job to Job Transitions Drive Wage Growth over the Business Cycle" with Fatih Karahan, Ryan Michaels, Ayşegül Şahin, and Rachel Schuh

American Economic Review: P&P, Volume 107(5), May 2017, Pages 353-57.

Online appendix | Replication files

"The Role of Startups in Structural Transformation", with Rob Dent, Fatih Karahan, and Ayşegül Şahin

American Economic Review, P&P, Volume 106(5), May 2016,

Online appendix | Replication files | New York Fed Staff Report 762

"Wealth, Tastes and Entrepreneurship", with Erik Hurst

Chapter in Measuring Entrepreneurial Businesses: Current Knowledge and Challenges, 2017

NBER Working Paper w21644 | BibTeX

"Are Household Surveys Like Tax Forms: Evidence from Income Underreporting of the Self-Employed", with Erik Hurst and Geng Li

Review of Economics and Statistics, Volume 96(1), March 2014, Page 19-33

Published version | Online appendix | Replication files | NBER Working Paper w16527

"What do Small Businesses Do?", with Erik Hurst

Brookings Papers on Economic Activity, Fall 2011

Replication files | NBER Working Paper w17041

"The Mistake of 1937: A General Equilibrium Analysis" with Gauti Eggertsson

Monetary and Economic Studies, Volume 24(S1), Dec 2006, Pages 151-190.

Research in Progress

  • "Macroeconomic implications of the rise in pass-throughs" with Sebastian Dyrda [preliminary draft]

  • "How to tax Capitalists in the 21st Century" with Sebastian Dyrda [preliminary draft]

  • "Liquidity Effects of Unemployment Benefit Extensions: Evidence from Consumer Credit Data" with Rene Chalom, Fatih Karahan and Kurt Mitman [preliminary draft] [slides]

  • "How Free is Free Entry" with Fatih Karahan and Ayşegül Şahin


Other writing