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Evidence on entrepreneurs in the United States: data from the 1989–2004 survey of consumer finances

  • Mariacristina De Nardi
  • Phil Doctor
  • Spencer D. Krane

Using data from the Federal Reserve Board’s Survey of Consumer Finances, the authors examine characteristics of entrepreneurs and the businesses they run. Their analysis confirms that business owners are important sources of saving and wealth creation in the U.S. and that they are less risk averse than other wealthy households. This discounts the notion that the wealth of entrepreneurs disproportionately reflects a buildup of precautionary balances to guard against financial risk.

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Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2007)
Issue (Month): Q IV ()
Pages: 18-36

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Handle: RePEc:fip:fedhep:y:2007:i:qiv:p:18-36:n:v.31no.4
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  1. Ellen R. Rissman, 2006. "The self-employment duration of younger men over the business cycle," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q III, pages 14-27.
  2. Vincenzo Quadrini, 1997. "Entrepreneurship, saving and social mobility," Discussion Paper / Institute for Empirical Macroeconomics 116, Federal Reserve Bank of Minneapolis.
  3. Daniel Aaronson & Ellen Rissman & Daniel G. Sullivan, 2004. "Can sectoral reallocation explain the jobless recovery?," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 36-39.
  4. John Heaton & Deborah Lucas, 2000. "Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk," Journal of Finance, American Finance Association, vol. 55(3), pages 1163-1198, 06.
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