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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w19134 |
来源ID | Working Paper 19134 |
How Firms Respond to Business Cycles: The Role of Firm Age and Firm Size | |
Teresa C. Fort; John Haltiwanger; Ron S. Jarmin; Javier Miranda | |
发表日期 | 2013-06-19 |
出版年 | 2013 |
语种 | 英语 |
摘要 | There remains considerable debate in both the theoretical and empirical literature about the differences in the cyclical dynamics of firms by firm size. Some have hypothesized that small firms are more sensitive to cycles while others have posited that larger firms are more sensitive. Researchers have found evidence supportive of both hypotheses -using different cyclical indicators and focusing on different underlying shocks. This paper contributes to the debate in two ways. First, the key distinction between firm size and firm age is introduced. The evidence presented in this paper shows that young businesses (that are typically small) exhibit very different cyclical dynamics than small/older businesses. Young/small businesses are more sensitive to the cycle than older/larger businesses. Evidence about the difference in the cyclical dynamics between small/older and large/older businesses is mixed. The second contribution is to present evidence and explore explanations for the finding that young/small businesses were hit especially hard in the Great Recession. The collapse in housing prices accounts for a significant part of the large decline of young/small businesses in the Great Recession. The decline was especially pronounced in states with a large decline in housing prices. This pattern holds even after controlling, through a panel VAR, for national and local business cycle conditions. |
主题 | Macroeconomics ; Business Cycles ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior |
URL | https://www.nber.org/papers/w19134 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576810 |
推荐引用方式 GB/T 7714 | Teresa C. Fort,John Haltiwanger,Ron S. Jarmin,et al. How Firms Respond to Business Cycles: The Role of Firm Age and Firm Size. 2013. |
条目包含的文件 | 条目无相关文件。 |
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