{"id":"https://openalex.org/W4234740273","doi":"https://doi.org/10.17016/feds.2020.089r1","title":"Business Exit During the COVID-19 Pandemic: Non-Traditional Measures in Historical Context","display_name":"Business Exit During the COVID-19 Pandemic: Non-Traditional Measures in Historical Context","publication_year":2021,"publication_date":"2021-04-01","ids":{"openalex":"https://openalex.org/W4234740273","doi":"https://doi.org/10.17016/feds.2020.089r1"},"language":"en","primary_location":{"id":"doi:10.17016/feds.2020.089r1","doi":"https://doi.org/10.17016/feds.2020.089r1","is_oa":true,"landing_page_url":"https://doi.org/10.17016/feds.2020.089r1","pdf_url":null,"source":{"id":"https://openalex.org/S4210212089","display_name":"Finance and Economics Discussion Series","issn_l":"1936-2854","issn":["1936-2854","2767-3898"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance and Economics Discussion Series","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.17016/feds.2020.089r1","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5005761989","display_name":"Leland D. Crane","orcid":"https://orcid.org/0000-0003-3006-6564","observed_orcids":["https://orcid.org/0000-0003-3006-6564"]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Leland D. Crane","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":"https://orcid.org/0000-0003-3006-6564","affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5042829335","display_name":"Ryan A. Decker","orcid":"https://orcid.org/0000-0003-1178-7016","observed_orcids":["https://orcid.org/0000-0003-1178-7016"]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Ryan A. Decker","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5081886594","display_name":"Aaron B. Flaaen","orcid":"https://orcid.org/0000-0002-4852-3287","observed_orcids":["https://orcid.org/0000-0002-4852-3287"]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Aaron Flaaen","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":"https://orcid.org/0000-0002-4852-3287","affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5005630274","display_name":"Adrian Hamins-Puertolas","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Adrian Hamins-Puertolas","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5021762690","display_name":"Christopher Johann Kurz","orcid":"https://orcid.org/0000-0002-9105-3997","observed_orcids":["https://orcid.org/0000-0002-9105-3997"]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Christopher Kurz","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":7.5878,"has_fulltext":false,"cited_by_count":47,"citation_normalized_percentile":{"value":0.97154944,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":91,"max":99},"biblio":{"volume":"2021.0","issue":"25","first_page":"1","last_page":"59"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11711","display_name":"COVID-19 Pandemic Impacts","score":0.7523999810218811,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11711","display_name":"COVID-19 Pandemic Impacts","score":0.7523999810218811,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12851","display_name":"Firm Innovation and Growth","score":0.23999999463558197,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.0008999999845400453,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/firm-exit","display_name":"firm exit","score":0.9850000143051147},{"id":"https://openalex.org/keywords/covid-19","display_name":"COVID-19 pandemic","score":0.8930000066757202},{"id":"https://openalex.org/keywords/alternative-data","display_name":"alternative data","score":0.6629999876022339},{"id":"https://openalex.org/keywords/business-survival","display_name":"business survival","score":0.6299999952316284},{"id":"https://openalex.org/keywords/small-business","display_name":"small business","score":0.7179999947547913},{"id":"https://openalex.org/keywords/job-loss","display_name":"job loss","score":0.4009999930858612},{"id":"https://openalex.org/keywords/business-optimism","display_name":"business optimism","score":0.6449999809265137}],"concepts":[{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.7160481810569763},{"id":"https://openalex.org/C89623803","wikidata":"https://www.wikidata.org/wiki/Q12184","display_name":"Pandemic","level":5,"score":0.7018475532531738},{"id":"https://openalex.org/C204017024","wikidata":"https://www.wikidata.org/wiki/Q485446","display_name":"Optimism","level":2,"score":0.6852735877037048},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.6496105194091797},{"id":"https://openalex.org/C3008058167","wikidata":"https://www.wikidata.org/wiki/Q84263196","display_name":"Coronavirus disease 2019 (COVID-19)","level":4,"score":0.61844402551651},{"id":"https://openalex.org/C100763855","wikidata":"https://www.wikidata.org/wiki/Q596613","display_name":"Exit strategy","level":2,"score":0.5641310811042786},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5184707045555115},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.40780317783355713},{"id":"https://openalex.org/C4249254","wikidata":"https://www.wikidata.org/wiki/Q3044431","display_name":"Demographic economics","level":1,"score":0.3299744725227356},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.19629395008087158},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.12963315844535828},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0893324613571167},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C142724271","wikidata":"https://www.wikidata.org/wiki/Q7208","display_name":"Pathology","level":1,"score":0.0},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C2779134260","wikidata":"https://www.wikidata.org/wiki/Q12136","display_name":"Disease","level":2,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0},{"id":"https://openalex.org/C524204448","wikidata":"https://www.wikidata.org/wiki/Q788926","display_name":"Infectious disease (medical specialty)","level":3,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.17016/feds.2020.089r1","doi":"https://doi.org/10.17016/feds.2020.089r1","is_oa":true,"landing_page_url":"https://doi.org/10.17016/feds.2020.089r1","pdf_url":null,"source":{"id":"https://openalex.org/S4210212089","display_name":"Finance and Economics Discussion Series","issn_l":"1936-2854","issn":["1936-2854","2767-3898"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance and Economics Discussion Series","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.17016/feds.2020.089r1","doi":"https://doi.org/10.17016/feds.2020.089r1","is_oa":true,"landing_page_url":"https://doi.org/10.17016/feds.2020.089r1","pdf_url":null,"source":{"id":"https://openalex.org/S4210212089","display_name":"Finance and Economics Discussion Series","issn_l":"1936-2854","issn":["1936-2854","2767-3898"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance and Economics Discussion Series","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.833299994468689}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":32,"referenced_works":["https://openalex.org/W1583698172","https://openalex.org/W1963932095","https://openalex.org/W1991871318","https://openalex.org/W2039829506","https://openalex.org/W2044360841","https://openalex.org/W2088563154","https://openalex.org/W2160078990","https://openalex.org/W2162455264","https://openalex.org/W2164169400","https://openalex.org/W2482065853","https://openalex.org/W2617957753","https://openalex.org/W2765377134","https://openalex.org/W2784964660","https://openalex.org/W2785228577","https://openalex.org/W2795853989","https://openalex.org/W2801099100","https://openalex.org/W2891474450","https://openalex.org/W2965196603","https://openalex.org/W3022313864","https://openalex.org/W3032856638","https://openalex.org/W3046835309","https://openalex.org/W3046932508","https://openalex.org/W3088499807","https://openalex.org/W3095550781","https://openalex.org/W3101729716","https://openalex.org/W3107395643","https://openalex.org/W3122557616","https://openalex.org/W3125395504","https://openalex.org/W3126001025","https://openalex.org/W3126487669","https://openalex.org/W3128211124","https://openalex.org/W3196072471"],"related_works":["https://openalex.org/W4280615690","https://openalex.org/W7112167544","https://openalex.org/W3084429752","https://openalex.org/W4399890884","https://openalex.org/W4309378450","https://openalex.org/W3164462628","https://openalex.org/W2187301540","https://openalex.org/W7167803520","https://openalex.org/W2503063757","https://openalex.org/W4377085276"],"abstract_inverted_index":{"Lags":[0],"in":[1,34,65,111,161],"official":[2,29],"data":[3,15,30],"releases":[4],"have":[5,128,153,166],"forced":[6],"economists":[7],"and":[8,54,72,83,103,134],"policymakers":[9],"to":[10,16,37,140,152],"leverage":[11],"\"alternative\"":[12],"or":[13],"\"non-traditional\"":[14],"measure":[17],"business":[18,32,50,94],"exit":[19,33,43,51,76,108,132,149],"resulting":[20],"from":[21,159],"the":[22,39,48,69,73,115,119,162],"COVID-":[23],"19":[24],"pandemic.":[25,120,163],"We":[26,85],"first":[27,116],"review":[28],"on":[31,100],"recent":[35,66],"decades":[36],"place":[38],"alternative":[40,91],"measures":[41,92,98],"of":[42,61,75,90,93,118,145],"within":[44],"historical":[45],"context.":[46],"For":[47],"U.S.,":[49],"is":[52,123,150],"countercyclical":[53],"fairly":[55],"common,":[56],"with":[57],"about":[58,171],"7.5":[59],"percent":[60],"firms":[62,82],"exiting":[63,135],"annually":[64],"years.":[67],"Both":[68],"high":[70],"level":[71],"cyclicality":[74],"are":[77],"driven":[78],"by":[79],"very":[80],"small":[81],"establishments.":[84],"then":[86],"explore":[87],"a":[88,142],"range":[89],"exit,":[95],"including":[96],"novel":[97],"based":[99],"paycheck":[101],"issuance":[102],"phone-tracking":[104],"data,":[105],"which":[106],"indicate":[107],"was":[109],"elevated":[110],"certain":[112],"sectors":[113],"during":[114],"year":[117],"The":[121],"evidence":[122],"mixed,":[124],"however;":[125],"many":[126],"industries":[127],"likely":[129,151],"seen":[130],"lower-than-usual":[131],"rates,":[133],"businesses":[136,165],"do":[137],"not":[138],"appear":[139],"represent":[141],"large":[143],"share":[144],"U.S.":[146],"employment.":[147],"Actual":[148],"been":[154],"lower":[155],"than":[156],"widespread":[157],"expectations":[158],"early":[160],"Moreover,":[164],"recently":[167],"exhibited":[168],"notable":[169],"optimism":[170],"their":[172],"survival":[173],"prospects.":[174]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":8},{"year":2022,"cited_by_count":13},{"year":2021,"cited_by_count":15},{"year":2020,"cited_by_count":2}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2022-05-12T00:00:00"}
