Data and Code for: Dynamism Diminished: The Role of Housing Markets and Credit Conditions

Principal Investigator(s): View help for Principal Investigator(s) Steven Davis, University of Chicago. Booth School of Business; John Haltiwanger, University of Maryland

Version: View help for Version V1

Name	File Type	Size	Last Modified
Replication			02/20/2023 07:08:PM
Readme_DH_2023_Dynamism_Diminished_Update_Aug_14_2023.pdf	application/pdf	1 MB	08/16/2023 09:44:PM

Project Citation:

Davis, Steven, and Haltiwanger, John. Data and Code for: Dynamism Diminished: The Role of Housing Markets and Credit Conditions. Nashville, TN: American Economic Association [publisher], 2023. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2023-11-06. https://doi.org/10.3886/E185225V1

Project Description

Summary: We estimate the effects of house price changes on young-firm employment shares and industry-level employment growth in local economies. A novel test shows that house price effects on local economies work through wealth, liquidity and collateral effects on the propensity to start new firms and expand young ones. Aggregating local effects to the national level, our estimates imply that housing market ups and downs play a major role – as transmission channel and driving force – in medium-run fluctuations in young-firm employment shares in recent decades. We also find a distinct and smaller role for locally exogenous loan-supply shifts.

Funding Sources: Ewing Marion Kauffman Foundation; Goldman Sachs Global Markets Initiative

Scope of Project

Subject Terms: Business Dynamism; Financial Markets; Entrepreneurship

JEL Classification:
      E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
      E32 Business Fluctuations; Cycles
      E51 Money Supply; Credit; Money Multipliers
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      J23 Labor Demand

Geographic Coverage: United States

Time Period(s): 1981 – 2018

Universe: US Employer Firms

Data Type(s): administrative records data; aggregate data; census/enumeration data; event/transaction data; survey data

Related Publications

Download this project

Published Versions

V1 [2023-11-06]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.