PAST POSITIONS (continued) Consultant and Research Associate, Federal Reserve Bank of Chicago, Corporate Studies Group 1990 Visiting Associate

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1 October 2000 CURRICULUM VITAE STEVEN JOSEPH DAVIS HOME ADDRESS OFFICE ADDRESS 1642 East 56th Street Graduate School of Business Apartment 704 University of Chicago Chicago, IL E. 58th Street (773) Chicago, IL (773) Office Fax: (773) BIRTH DATE CITIZENSHIP SOCIAL SECURITY NUMBER February 6, 1957 United States EDUCATION Ph.D., Economics, May 1986, Brown University, Providence, RI. M.A., Economics, May 1981, Brown University, Providence, RI. B.A., Economics, June 1980, Portland State University, Portland, OR. CURRENT PROFESSIONAL POSITIONS Professor of Economics, University of Chicago Graduate School of Business Research Associate, National Bureau of Economic Research (NBER) Member, Conference on Research in Income and Wealth Executive Committee, Northwestern/Chicago Joint Center for Poverty Research Principal, Chicago Partners, a consulting firm that provides litigation support and expert consulting in economics, finance, accounting and technology-related matters. PAST POSITIONS 1994 Visiting Scholar, Milken Institute for Job and Capital Formation Visiting Associate Professor of Economics, Massachusetts Institute of Technology Associate Professor, Graduate School of Business, University of Chicago 1

2 PAST POSITIONS (continued) Consultant and Research Associate, Federal Reserve Bank of Chicago, Corporate Studies Group 1990 Visiting Associate Professor of Economics, University of Maryland Organizer, National Bureau of Economic Research Group on Labor Market Dynamics and Aggregate Fluctuations (Economic Fluctuations Program) National Fellow, Hoover Institution, Stanford University Assistant Professor, Graduate School of Business, University of Chicago Teaching Fellow, Brown University RESEARCH ACTIVITIES Grants, Fellowships and Research Contracts Jan Wallander and Tome Hedelius Research Foundation; co-investigator: Magnus Henrekson; Handelns Utvecklingsrad (HUR); co-investigator: Magnus Henrekson; U.S. National Science Foundation Grants; co-investigator: John Haltiwanger; , , , Kauffman Center for Entrepreneurial Leadership, Marianne and Marcus Wallenberg Foundation; co-investigator: Magnus Henrekson; U.S. Department of Energy; co-investigator: John Haltiwanger; U.S. Department of Labor; co-investigators: Robert Topel, Lawrence Katz, Kevin Murphy; National Fellow, Hoover Institution, Stanford University, James S. Kemper Foundation Scholar at the Graduate School of Business, Social Science Research Council, Subcommittee on Monetary Research, Dissertation Support, Irwin Foundation Fellow, Brown University Fellow,

3 Editorial Boards Small Business Economics: An International Journal, Economic Policy Review, Federal Reserve Bank of New York, Expert Reviewer, Research Foundations and Grant-Making Organizations The Bank of Sweden Tercentenary Foundation The Northwestern/University of Chicago Joint Center for Poverty Research The Russell Sage Foundation The Social Sciences and Humanities Research Council of Canada The U.S. National Science Foundation Expert Reviewer, Professional Journals American Economic Review, Bulletin of Economic Research, Econometrica, Economic Development and Cultural Change, The Economic Journal, Economic Letters, Empirical Economics, Journal of Business, Journal of Business and Economic Statistics, Industrial and Labor Relations Review, Industrial Relations, Journal of Development Economics, Journal of Economic Dynamics and Control, Journal of Human Resources, Journal of Industrial Economics, Journal of Labor Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, Quarterly Journal of Economics, Nature, Review of Economic Studies, Research in Labor Economics, Review of Economics and Statistics, Small Business Economics, World Bank Economic Review. Research Conferences and Seminars Organized NBER Economic Fluctuations Program Meeting, Chicago, IL, October 2000 (with Pete Klenow). The Northwestern/Chicago Joint Poverty Center Conference on Risk Sharing and Economic Vulnerability", Chicago, IL, September 1998 (with Susan Mayer). American Economics Association session on Gross Job Flows: Open Economy Themes", San Francisco, CA, January NBER Economic Fluctuations Program Meeting, Cambridge, MA, July 1995 (with Matthew Shapiro). Conference on Sectoral Reallocation" at the Federal Reserve Bank of Cleveland, September 1994 (with David Altig). NBER Economic Fluctuations Program Meeting, Cambridge, MA, October 1992 (with Martin Eichenbaum). 3

4 NBER Summer Institute Meeting of working group on Microeconomic and Macroeconomic Perspectives on the Labor Market, July 1992 (with Richard Rogerson and Randall Wright). NBER Summer Institute Meeting of working group on Labor Market Dynamics and Aggregate Fluctuations, July 1990 and July NBER Conference on Firm and Industry Dynamics, Cambridge, MA, February 1990 (with Tim Bresnahan, Glenn Hubbard and Ariel Pakes). NBER Summer Institute Meeting of working group on Alternative Explanations of Employment Fluctuations, Cambridge, MA, July 1988 and July NBER Conference on Alternative Explanations of Employment Fluctuations, Stanford, CA, February Memberships in Professional Societies American Economic Association, Econometric Society, Society of Labor Economists Published Articles Allocative Disturbances and Specific Capital in Real Business Cycle Theories," American Economic Review, May Fluctuations in the Pace of Labor Reallocation," Carnegie-Rochester Conference Series on Public Policy, 27, Government Debt, Redistributive Fiscal Policies, and the Interaction Between Borrowing Constraints and Intergenerational Altruism," Journal of Monetary Economics, July 1989 (with David Altig). Gross Job Creation and Destruction: Microeconomic Evidence and Macroeconomic Implications," NBER Macroeconomics Annual, 1990 (with John Haltiwanger). Reprinted in The Economics of Unemployment, edited by P.N. Junankar, Edward Elgar Press, forthcoming. Published Versus Sample Statistics from the ASM: The Implications for the LRD," Proceedings of the Business and Economic Statistics Section, American Statistical Association, 1990 (with John Haltiwanger and Scott Schuh). Wage Dispersion Between and Within U.S. Manufacturing Plants, ," Brookings Papers on Economic Activity, Microeconomics, 1991 (with John Haltiwanger). Gross Job Creation, Gross Job Destruction, and Employment Reallocation," Quarterly Journal of Economics, August 1992 (with John Haltiwanger). 4

5 Published Articles (continued) Cross-Country Patterns of Change in Relative Wages," NBER Macroeconomics Annual, The Timing of Intergenerational Transfers, Tax Policy, and Aggregate Savings," American Economic Review, December 1992 (with David Altig). Borrowing Constraints and Two-Sided Altruism with an Application to Social Security," Journal of Economic Dynamics and Control, 1993 (with David Altig). Small Business and Job Creation: Dissecting the Myth and Reassessing the Facts," in Labor Economics, Employment Policy and Job Creation, edited by Lewis C. Solmon and Alec R. Levenson, 1994, Westview Press (with John Haltiwanger and Scott Schuh). Reprinted in Small Business Economics, 8, August Reprinted in Small Business: Critical Perspectives, edited by David J. Storey, 2000, Routledge Press. Employer Size and the Wage Structure in U.S. Manufacturing," Annales D'Economie et de Statistique, January/June 1996 (with John Haltiwanger). Relative Wage Movements and the Distribution of Consumption," Journal of Political Economy, December 1996 (with Orazio Attanasio). Industrial Policy, Employer Size, and Economic Performance in Sweden," 1997 (with Magnus Henrekson). In The Welfare State in Transition, edited by Richard Freeman, Birgitta Swedenborg, and Robert Topel. Chicago: University ofchicago Press. Measuring Gross Worker and Job Flows," 1998 (with John Haltiwanger). In Labor Statistics Measurement Issues, edited by John Haltiwanger, Marilyn Manser and Robert Topel. Chicago: University of Chicago Press. Explaining National Differences in the Size and Industry Distribution of Employment," Small Business Economics, February 1999 (with Magnus Henrekson). Gross Job Flows," 1999 (with John Haltiwanger) in the Handbook of Labor Economics, Volume 3B, edited by Orley Ashenfelter and David Card. Amsterdam: North-Holland. On the Driving Forces Behind Cyclical Movements in Employment and Job Reallocation," American Economic Review, December 1999 (with John Haltiwanger). A Competitive Perspective oninternet Explorer," American Economic Review, May 2000 (with Kevin M. Murphy). 5

6 Books Job Creation and Destruction, Cambridge, Massachusetts: MIT Press (with John Haltiwanger and Scott Schuh). Företagandets Villkor: Spelregler för sysselsättning och tillväxt (Translation from Swedish: Entrepreneurial and Business Conditions: Rules of the Game for Employment and Growth), Stockholm, Sweden: SNS (Primary author: Magnus Henrekson). Small Business, Entrepreneurship and Economic Performance: Sweden and the United States in Comparative Perspective, in progress (with Magnus Henrekson). Review Essays and Comments "Does Search Theory Provide a Micro Foundation for Keynesian Economics and a Rationale for Policy Activism? A Review of Peter Diamond's Wicksell Lectures," Journal of Monetary Economics, September Comment on International Trade and American Wages in the 1980s" by Robert Z. Lawrence and Matthew Slaugher in the Brookings Papers on Economic Activity, Microeconomics II, 1993 (with Robert Topel). "Sorting, Learning and Mobility When Jobs Have Scarcity Value: A Comment", Carnegie- Rochester Conference Series on Public Policy, volume 46, Comment on In Search of Stolper-Samuelson Linkages between International Trade Theory and Lower Wages" by Edward E. Leamer in Susan Collins, editor, Imports, Exports, and the American Worker. Washington, DC: Brookings Institution Press, Comment on Job Reallocation and the Business Cycle" by Scott Schuh and Robert Triest in the Federal Reserve Bank of Boston Annual Economic Conference Volume, Beyond Shocks: What Causes Business Cycles? Reorganization: A Comment" Carnegie-Rochester Conference Series on Public Policy, volume 52, pages 23-31, Unpublished Papers The Distribution of Employees by Establishment Size: Patterns of Change in the United States, ," November 1989 (with John Haltiwanger). Size Distribution Statistics from County Business Patterns Data," September Allocative Disturbances and Temporal Asymmetry in Unemployment Rate Fluctuations," April

7 Working Papers Using Financial Assets to Hedge Labor Income Risk: Estimating the Benefits," with Paul Willen, March The Evolution of the PC Operating System: An Economic Analysis of Software Design" with Jack MacCrisken and Kevin M. Murphy, June An earlier version of this paper circulated as Integrating New Features into the PC Operating System: Benefits, Timing and Effects on Innovation." Wage-Setting Institutions as Industrial Policy," with Magnus Henrekson. NBER Working Paper 7502, January Regional Labor Fluctuations: Oil Shocks, Military Spending, and other Driving Forces," January 1997 (with Prakash Loungani and Ramamohan Mahidhara). The Quality Distribution of Jobs and the Structure of Wages in Search Equilibrium," June Prepared for a conference in honor of Assar Lindbeck in Stockholm, Sweden. Sectoral Job Creation and Destruction Responses to Oil Price Changes," April 1999 (with John Haltiwanger). NBER Working Paper number Favorable first-round review at the Journal of Monetary Economics. Revised, October On the Gains to International Trade in Risky Financial Assets," June 2000 (with Jeremy Nalewaik and Paul Willen), NBER Working Paper number "Occupation-Level Income Shocks and Asset Returns: Covariance and Implications for Portfolio Choice," September 2000 (with Paul Willen), CRSP Working Paper number 523 and NBER Working Paper number Selected Research Proposals and Reports Sectoral Change and Worker Displacement, a research report prepared for and funded by the U.S. Department of Labor, March 1990 (with Lawrence Katz, Kevin Murphy, and Robert Topel). Continuing Research on Establishment-Level Employment and Wage Dynamics in U.S. Manufacturing Industries," August 1990 (with John Haltiwanger). Funded by the U.S. National Science Foundation. The Macroeconomic Implications of Establishment-Level Employment and Investment Dynamics," January 1993 (with John Haltiwanger). Funded by the U.S. National Science Foundation. Oil Price Shocks and Economic Fluctuations: A Research Proposal" (with John Haltiwanger), February Funded by the U.S. Department of Energy. 7

8 Substitution and Reallocation Responses to Energy Price Changes," August 1997 (with John Haltiwanger). Funded by the U.S. National Science Foundation. Personal Taxes and the Scope for Entrepreneurial Expansion," November Funded by the Kauffman Center for Entrepreneurial Leadership. An expanded version of this proposal written in Swedish with Magnus Henrekson is funded by Handelns Utvecklingsrad (HUR). "Chicago Regional Data Center," a proposal to the U.S. National Science Foundation for a Census Research Data Center to be housed at the Federal Reserve Bank of Chicago and operated as a partnership between the U.S. Bureau of the Census and a consortium of Chicago-area research institutions, August 2000 (with Joseph Altonji, Gale Boyd, Barry Chiswick and Daniel Sullivan). Popular Writings The Jobs Myth" (with John Haltiwanger and Scott Schuh), Forecast, The Magazine of Demographics and Business Statistics, January/February PR vs. Substance in the Microsoft Trial" (with Kevin M. Murphy and Lynn Shishido- Topel), op-ed piece in the Chicago Tribune, March 25, The Problem with the Microsoft Breakup" op-ed piece in the Chicago Tribune, May 14, TEACHING EXPERIENCE My teaching experience includes Ph.D. courses in Macroeconomics and Labor Economics at the University of Chicago, the Massachusetts Institute of Technology, and the University of Maryland; MBA courses in Macroeconomics, Money and Banking, Financial Institutions and Markets, and Strategy in the Information Economy at the University of Chicago; and undergraduate courses in Macroeconomics, Microeconomics, Econometrics, and Money and Banking at Brown University and the Massachusetts Institute of Technology. CONSULTING EXPERIENCE My consulting experience includes work as an expert economist for private parties on matters related to price discrimination, antitrust, the economics of software design, consumer lending, auto leasing, venture leasing, patent infringement, trade secrets, employee compensation, lost earnings and breach of contract. Clients include Associates Financial 8

9 Services, Ford Motor Credit, Microsoft, Rite Aid, Storage Technology, and TransAmerica Business Credit. I have also consulted on a variety of matters for several government organizations including the Federal Reserve Bank of Chicago, the Federal Reserve Bank of Cleveland, the U.S. Department of Energy, and the U.S. Department of Labor. OTHER PROFESSIONAL ACTIVITIES I frequently deliver research presentations and remarks at university seminars, academic conferences, government agencies, research institutes and policy-oriented think tanks. I have made professional presentations in the United States, Canada, Spain, Germany, Italy, Sweden, Denmark and Brazil. A list of presentations is available on request. I often converse with journalists about recent economic research bymyself and others and about important economic issues of the day. My research has been cited and my remarks quoted in many prominent newspapers and magazines, including Barron's, Business Week, the Chicago Tribune, the Economist, Exame business magazine of S~ao Paulo, the Financial Times of London, Fortune, Harvard Business Review, Inc. Magazine, the Investor's Business Daily, the New York Times, Newsweek, USA Today, U.S. News and World Report, and the Wall Street Journal. A partial list of recent media citations and quotations is available upon request. 9