| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Cross-Sectional Heterogeneity and the Persistence of Aggregate Fluctuations |
| Claudio Michelacci
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| 发表日期 | 1998
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| 出处 | Economy and Society
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| 出版年 | 1998
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| 语种 | 英语
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| 摘要 | A well-known fact in the time series of aggregate output is the persistence of shocks. This paper argues that the empirical relation between the expected growth rate of a firm and its size provides a microfoundation of aggregate persistence. In fact, the empirical evidence claims that small firms grow faster than big ones. If this is true, a shock that reallocates units across sizes will be absorbed, yet at very low decreasing rates. Once the shock hits the system, firms are reallocated across sizes. If small firms grow faster than big ones, the shock will then be absorbed. However, fast growing small firms eventually become big and grow as big firms. Thus the number of small firms shrinks over time as well as the rate at which the shock is absorbed. This transmission mechanism matches well the micro evidence with the observed degree of aggregate persistence. It does not require changes in either the number of firms in the market or the rate of technological progress. It is just the result of the cross-sectional heterogeneity that we observe daily in real economies. |
| 特色分类 | C43,E1,E32,L11
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| 关键词 | Persistence,Gibrat's law,Cross-sectional heterogeneity,Fractional integration
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/cross-sectional-heterogeneity-and-the-persistence-of-aggregate-fluctuations/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116374
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推荐引用方式
GB/T 7714 |
Claudio Michelacci. Cross-Sectional Heterogeneity and the Persistence of Aggregate Fluctuations. 1998.
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文件名：
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NDL1998-078.pdf
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格式：
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Adobe PDF
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