Do large firm dynamics drive the business cycle? We answer this question by developing a quantitative theory of aggregate fluctuations caused by firm-level disturbances alone. We show that a standard heterogeneous firm dynamics setup already contains in it a theory of the business cycle, without appealing to aggregate shocks. We offer an analytical characterization of the law of motion of the aggregate state in this class of models – the firm size distribution – and show that aggregate output and productivity dynamics display:(i)persistence, (ii) volatility and (iii) time-varying second moments. We explore the key role of moments of the firm size distribution – and, in particular, the role of large firm dynamics – in shaping aggregate fluct...
This paper uses a database covering the universe of French firms for the period 1990-2007 to provide...
Abstract—We investigate the role of permanent and transitory shocks for firms and aggregate dynamics...
Why do firm growth and exit rates decline with size? What determines the size distribution of firms?...
Do large firm dynamics drive the business cycle? We answer this question by developing a quantitativ...
Do large firm dynamics drive the business cycle? We answer this question by developing a quantitativ...
[Link the the latest version] When large firms represent a disproportionate share of the economy, bu...
When large firms represent a disproportionate share of the economy, business cycles may be governed ...
If firm sizes have a small dispersion, idiosyncratic firm-level shocks lead to negligible aggregate ...
I study the cyclicality of firm size distribution and its effect on aggregate fluctuations through m...
Abstract This paper quantifies the "granular" hypothesis in a firm dynamics framework. To ...
This paper argues that important insights into the business cycle can be obtained by exploring the m...
This paper argues that important insights into the business cycle can be obtained by exploring the m...
We investigate the role of permanent and transitory shocks for firms and aggregate dynamics. We find...
We investigate the role of permanent and transitory shocks for firms and aggregate dynamics. We find...
Treball de fi de Grau en Economia. Codi: EC1049. Curs acadèmic 2014-2015In this paper I analyse the ...
This paper uses a database covering the universe of French firms for the period 1990-2007 to provide...
Abstract—We investigate the role of permanent and transitory shocks for firms and aggregate dynamics...
Why do firm growth and exit rates decline with size? What determines the size distribution of firms?...
Do large firm dynamics drive the business cycle? We answer this question by developing a quantitativ...
Do large firm dynamics drive the business cycle? We answer this question by developing a quantitativ...
[Link the the latest version] When large firms represent a disproportionate share of the economy, bu...
When large firms represent a disproportionate share of the economy, business cycles may be governed ...
If firm sizes have a small dispersion, idiosyncratic firm-level shocks lead to negligible aggregate ...
I study the cyclicality of firm size distribution and its effect on aggregate fluctuations through m...
Abstract This paper quantifies the "granular" hypothesis in a firm dynamics framework. To ...
This paper argues that important insights into the business cycle can be obtained by exploring the m...
This paper argues that important insights into the business cycle can be obtained by exploring the m...
We investigate the role of permanent and transitory shocks for firms and aggregate dynamics. We find...
We investigate the role of permanent and transitory shocks for firms and aggregate dynamics. We find...
Treball de fi de Grau en Economia. Codi: EC1049. Curs acadèmic 2014-2015In this paper I analyse the ...
This paper uses a database covering the universe of French firms for the period 1990-2007 to provide...
Abstract—We investigate the role of permanent and transitory shocks for firms and aggregate dynamics...
Why do firm growth and exit rates decline with size? What determines the size distribution of firms?...