| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9168 |
| DP9168 Firms, Destinations, and Aggregate Fluctuations | |
| Andrei Levchenko; Julian di Giovanni; Isabelle Mejean | |
| 发表日期 | 2012-10-07 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper provides a forensic account of the role of individual firms in generating aggregate fluctuations using data covering the universe of French firms for the period 1990?2007. We derive a theoretically-founded set of estimating equations that decompose firms? annual sales growth rate into different components. The firm-specific component contributes substantially to aggregate sales volatility, mattering about as much as the components capturing shocks that are common across firms within a sector or country. We then decompose the firm-specific component to provide evidence on two mechanisms that generate aggregate fluctuations from microeconomic shocks: (i) when the firm size distribution is fat-tailed, idiosyncratic shocks to large firms contribute to aggregate fluctuations (Gabaix, 2011), and (ii) sizable aggregate volatility can arise from idiosyncratic shocks due to input-output linkages across the economy (Acemoglu et al., 2012). We find that firm linkages are approximately twice as important as granularity in driving aggregate fluctuations. |
| 主题 | International Macroeconomics |
| 关键词 | Aggregate volatility Firm-level shocks Large firms Linkages |
| URL | https://cepr.org/publications/dp9168 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538003 |
| 推荐引用方式 GB/T 7714 | Andrei Levchenko,Julian di Giovanni,Isabelle Mejean. DP9168 Firms, Destinations, and Aggregate Fluctuations. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
