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Author: Holtz-Eakin, Douglas

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1.	Dunn, Thomas Albert Holtz-Eakin, Douglas
1.	Capital Market Constraints, Parental Wealth and the Transition to Self-Employment Among Men and Women NLS Discussion Paper No. 96-29, Washington DC: U.S. Bureau of Labor Statistics, August 1995. Also: http://stats.bls.gov/ore/abstract/nl/nl950070.htm Cohort(s): Mature Women, Older Men, Young Men, Young Women Publisher: U.S. Department of Labor Keyword(s): Gender Differences; Human Capital; Intergenerational Patterns/Transmission; Parental Influences; Self-Employed Workers; Wealth The environment for business creation is central to economic policy as entrepreneurs are believed to be forces of innovation, employment and economic dynamism. We use data from the National Longitudinal Surveys (NLS) to investigate the relative impacts of parental wealth and human capital on the probability that an individual will make the transition from a wage and salary job to self-employment, and to examine differences between men and women in the determinants of self-employment. We find that the financial assets of young men exert a statistically significant, but quantitatively modest effect on the probability of self-employment and the transition to self-employment. In contrast, financial assets are not a significant determinant of these activities for young women, casting doubt on the importance of capital market constraints for female entrepreneurs. For both males and females, parents exert a large influence. The channel for this effect runs not through financial means, but rather through intergenerational correlation in self-employment. Moreover, parents are not "created equal"; the influence across generations is stronger along gender lines.
	Bibliography Citation Dunn, Thomas Albert and Douglas Holtz-Eakin. "Capital Market Constraints, Parental Wealth and the Transition to Self-Employment Among Men and Women." NLS Discussion Paper No. 96-29, Washington DC: U.S. Bureau of Labor Statistics, August 1995.

2.	Dunn, Thomas Albert Holtz-Eakin, Douglas
2.	Financial Capital, Human Capital, and the Transition to Self-Employment: Evidence from Intergenerational Links NBER Working Paper No. 5622, National Bureau of Economic Research, June 1996. Also: http://nber.nber.org/papers/W5622 Cohort(s): Mature Women, Older Men, Young Men Publisher: National Bureau of Economic Research (NBER) Keyword(s): Capital Sector; Gender Differences; Human Capital; Intergenerational Patterns/Transmission; Self-Employed Workers The environment for business creation is central to economic policy, as entrepreneurs are believed to be forces of innovation, employment and economic dynamism. We use data from the National Longitudinal Surveys (NLS) to investigate the relative importance of financial and human capital exploiting the variation provided by intergenerational links. Specifically, we estimate the impacts of parental wealth and human capital on the probability that an individual will make the transition from a wage and salary job to self-employment. We find that young men's own financial assets exert a statistically significant, but quantitatively modest effect on the transition to self-employment. In contrast, the capital of parents exerts a large influence. Parents' strongest effect runs not through financial means, but rather through human capital, i.e., the intergenerational correlation in self-employment. This link is even stronger along gender lines. Full-text available on-line: http://nber.nber.org/papers/W5622
	Bibliography Citation Dunn, Thomas Albert and Douglas Holtz-Eakin. "Financial Capital, Human Capital, and the Transition to Self-Employment: Evidence from Intergenerational Links." NBER Working Paper No. 5622, National Bureau of Economic Research, June 1996.

3.	Dunn, Thomas Albert Holtz-Eakin, Douglas
3.	Financial Capital, Human Capital, and the Transition to Self-Employment: Evidence from Intergenerational Links Journal of Labor Economics 18,2 (April 2000): 282-305. Also: http://www.jstor.org/stable/10.1086/209959 Cohort(s): Mature Women, Older Men, Young Men Publisher: University of Chicago Press Keyword(s): Assets; Family Income; Human Capital; Intergenerational Patterns/Transmission; Parental Influences; Self-Employed Workers; Wages We use data from the National Longitudinal Surveys to investigate the relative importance of family financial and human capital in the transition into self-employment. Specifically, we estimate the impacts of individual's own wealth and human capital and parental wealth and self-employment experience on the probability that an individual transits from wage-and-salary to self-employment. We find young men's own financial assets exert a statistically significant but quantitatively modest effect on the transition. In contrast, parents' capital exerts a large influence. Parents' strongest effect runs, not through financial means, but rather through their own self-employment experience and business success.
	Bibliography Citation Dunn, Thomas Albert and Douglas Holtz-Eakin. "Financial Capital, Human Capital, and the Transition to Self-Employment: Evidence from Intergenerational Links." Journal of Labor Economics 18,2 (April 2000): 282-305.

4.	Holtz-Eakin, Douglas Newey, Whitney K. Rosen, Harvey S.
4.	Estimating Vector Autoregressions with Panel Data Econometrica 56,6 (November 1988): 1371-1395. Also: http://www.jstor.org/stable/1913103 Cohort(s): Older Men Publisher: Department of Economics, Northwestern University Keyword(s): Labor Supply; Modeling; Panel Study of Income Dynamics (PSID); Research Methodology; Variables, Instrumental; Wages Permission to reprint the abstract has not been received from the publisher. This paper considers estimation and testing of vector autoregression coefficients in panel data, and applies the techniques to analyze the dynamic relationships between wages and hours worked in two samples of American males, the PSID and NLS of Older Men. The model allows for nonstationary individual effects, and is estimated by applying instrumental variables to the quasi-differenced autoregressive equations. Particular attention is paid to specifying lag lengths, forming convenient test statistics, and testing for the presence of measurement error. The empirical results suggest the absence of lagged hours in the wage forecasting equation. Our results also show that lagged hours is important in the hours equation, which is consistent with alternatives to the simple labor supply model that allow for costly hours adjustment or preferences that are not time separable.
	Bibliography Citation Holtz-Eakin, Douglas, Whitney K. Newey and Harvey S. Rosen. "Estimating Vector Autoregressions with Panel Data." Econometrica 56,6 (November 1988): 1371-1395.

5.	Holtz-Eakin, Douglas Rosen, Harvey S.
5.	Public Policy and the Economics of Entrepreneurship Cambridge, MA: MIT Press, February 2004 Cohort(s): NLSY79 Publisher: MIT Press Keyword(s): Earnings; Hispanics; Minority Groups; Mobility; Modeling, Fixed Effects; Self-Employed Workers; Unemployment Table of Contents Introduction 1--When Bureaucrats Meet Entrepreneurs: The Design of Effective "Public Venture Capital" Programs -- Josh Lerner 2--The Self-Employed Are Less Likely to Have Health Insurance Than Wage Earners. So What? -- Craig William Perry and Harvey S. Rosen 3--Business Formation and the Deregulation of the Banking Industry -- Sandra E. Black and Philip E. Strahan 4--Public Policy and Innovation in the U.S. Pharmaceutical Industry -- Frank R. Lichtenberg 5--Dimensions of Nonprofit Entrepreneurship: An Exploratory Essay -- Joseph J. Cordes, C. Eugene Steuerle and Eric Twombly 6--Does Business Ownership Provide a Source of Upward Mobility for Blacks and Hispanics? -- Robert W. Fairlie 7--Entrepreneurial Activity and Wealth Inequality: A Historical Perspective -- Carolyn M. Moehling and Richard H. Steckel Index
	Bibliography Citation Holtz-Eakin, Douglas and Harvey S. Rosen. Public Policy and the Economics of Entrepreneurship. Cambridge, MA: MIT Press, February 2004.

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