This paper studies firm dynamics over the business cycle. Using administrative records from U.S. Census data, I document that exceptionally large firms tend not to be started in recessions. I also present evidence that financial conditions play an important role in determining the types of firms...

This paper explores the aggregate implications of countercyclical macroeconomic volatility. First, by drawing on data of publicly traded U.S. firms, I find that both the investment rate and the probability of investment spikes decrease as macroeconomic volatility rises, with this effect...

Using administrative data on U.S. multisector firms, we document a cross-sectoral propagation of the import competition from China (“China shock”) through firms’ internal networks: Employment of an establishment in a given industry is negatively affected by China shock that hits...

We document a growing link between university research and development expenditures and patenting activity in the surrounding metropolitan statistical areas (MSAs) since 1980. The gap in patents per capita between MSAs with and without a research university has doubled, while the elasticity of...

We build a general equilibrium production-based asset pricing model with heterogeneous firms that jointly accounts for firm-level and aggregate facts emphasized by the recent macroeconomic literature, and for important asset pricing moments. Using administrative firm-level data, we establish...

We build a general equilibrium production-based asset pricing model with heterogeneous firms that jointly accounts for firm-level and aggregate facts emphasized by the recent macroeconomic literature, and for important asset pricing moments. Using administrative firm-level data, we establish...

We construct an index of US supply disruptions (US SDI, www.disruptions.supply) based on 200 million import transactions for the US spanning the last decade. Our aggregate index reveals that although there has been a notable improvement in US supply disruptions in 2022, these disruptions...