G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1752
DP1752 Exchange Rate Regimes and the Expectations Hypothesis of the Term Structure
Stefan Gerlach; Frank Smets
发表日期1997-11-30
出版年1997
语种英语
摘要Cross-section or short-panel econometric techniques typically used to examine Gibrat?s Law of Proportionate Effect suggest that some degree of mean reversion exists, but may exaggerate the apparent randomness of corporate growth. We argue that a more natural way to explore the long-run distribution of firm sizes is to examine data on the growth of particular firms over long periods of time. Using a sample of 77 UK firms? real total net assets data observed continually for more than 30 years, our conclusions are that growth rates are highly variable over time, but differences in growth rates between firms do not persist for very long. Further, firms show no tendency to converge to either a common size or to a pattern of stable size differences over time. These results are compared and contrasted with standard approaches using the same data, which suggest firms reach and maintain stable positions in a skewed size distribution.
主题Industrial Organization
关键词Cointegration Convergence Gibrat's law Panel data
URLhttps://cepr.org/publications/dp1752
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/530894
推荐引用方式
GB/T 7714
Stefan Gerlach,Frank Smets. DP1752 Exchange Rate Regimes and the Expectations Hypothesis of the Term Structure. 1997.
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