| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10587 |
| DP10587 Large Firm Dynamics and the Business Cycle | |
| Vasco Carvalho; Basile Grassi | |
| 发表日期 | 2015-05-10 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | 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 a complete analytical characterization of the law of motion of the aggregate state in this class of models ? the firm size distribution ? and show that the resulting closed form solutions for 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 fluctuations, theoretically, quantitatively and in the data. |
| 主题 | International Macroeconomics |
| 关键词 | Large firm dynamics Firm size distribution Random growth Aggregate fluctuations |
| URL | https://cepr.org/publications/dp10587 |
| 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/539419 |
| 推荐引用方式 GB/T 7714 | Vasco Carvalho,Basile Grassi. DP10587 Large Firm Dynamics and the Business Cycle. 2015. |
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