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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
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 | ||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce |
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School |
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| 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: |
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| 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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