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Factor demand linkages, technology shocks, and the business cycle
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Holly, Sean and Petrella, Ivan (2013) Factor demand linkages, technology shocks, and the business cycle. Review of Economics and Statistics, 94 (4). pp. 948-963. doi:10.1162/REST_a_00253 ISSN 0034-6535.
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Official URL: http://dx.doi.org/10.1162/REST_a_00253
Abstract
The paper explores time variation in the distribution of firm level growth of total sales. Three novel results are reported. First, firms on the left-hand side of the distribution, i.e. firms that are growing more slowly or declining, are typically more responsive to aggregate shocks than those on the right-hand side of the distribution. Second, trending behaviour in the volatility of firm growth is predominantly driven by increasing dispersion in the growth of highly performing firms. Third, shifts in the probability mass on either side of the mode may act as important propagators of business fluctuations. Financial frictions emerge as a mechanism that is capable of accounting for these facts.
| Item Type: | Journal Article | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
| Journal or Publication Title: | Review of Economics and Statistics | ||||||||
| Publisher: | MIT Press | ||||||||
| ISSN: | 0034-6535 | ||||||||
| Official Date: | February 2013 | ||||||||
| Dates: |
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| Volume: | 94 | ||||||||
| Number: | 4 | ||||||||
| Page Range: | pp. 948-963 | ||||||||
| DOI: | 10.1162/REST_a_00253 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Restricted or Subscription Access |
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