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Big fish in a small pond : locally dominant firms and the business cycle

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Jannati, Sima, Korniotis, George and Kumar, Alok (2020) Big fish in a small pond : locally dominant firms and the business cycle. Journal of Economic Behavior & Organization, 180 . pp. 219-240. doi:10.1016/j.jebo.2020.10.004

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Official URL: http://dx.doi.org/10.1016/j.jebo.2020.10.004

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Abstract

Following Gabaix (2011), we identify locally dominant firms that have a strong impact on their local macroeconomic environment, but are not among the largest 100 U.S. firms. Idiosyncratic shocks to these locally dominant firms propagate nationally and explain a significant portion of aggregate U.S. macroeconomic fluctuations. Specifically, we find that locally dominant firms exist in 13 U.S. states and productivity shocks to these firms explain almost 50% of the U.S. GDP growth.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce
Divisions: Faculty of Social Sciences > Warwick Business School > Finance Group
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Business cycles, Business cycles -- United States, Success in business -- United States, Industrial productivity
Journal or Publication Title: Journal of Economic Behavior & Organization
Publisher: Elsevier BV * North-Holland
ISSN: 0167-2681
Official Date: December 2020
Dates:
DateEvent
December 2020Published
26 October 2020Available
4 October 2020Accepted
Volume: 180
Page Range: pp. 219-240
DOI: 10.1016/j.jebo.2020.10.004
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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