We study whether firm-level heterogeneity helps explain U.S. macroeconomic fluctuations in response to aggregate shocks. Using quarterly Compustat and CRSP data from 1986 to 2025, we construct two revenue-based statistics inspired by the Melitz (2003) model: the average firm and the marginal...

We examine how occupational licensing shapes entrepreneurship in Germany's crafts sector. We exploit two sequential reforms that shifted entry barriers across occupations: a 2004 deregulation that relaxed licensing requirements and a 2020 partial re-regulation that reinstated them for a subset...

We examine how occupational licensing shapes entrepreneurship in Germany’s crafts sector. We exploit two sequential reforms that shifted entry barriers across occupations: a 2004 deregulation that relaxed licensing requirements and a 2020 partial re-regulation that reinstated them for a subset...