Serial entrepreneurs and the macroeconomy

Using unique administrative data, we document four new facts about firms of serial entrepreneurs: compared to other businesses, they (i) disproportionately contribute to aggregate job creation and productivity growth, (ii) are bigger and faster-growing, (iii) shape aggregate business dynamics and (iv) already the very first firms of serial entrepreneurs display superior performance. 

We discuss implications of our results for theoretical and quantitative macroeconomic models.