This paper documents the diverging trends in volatility of the growth rate of sales at the aggregate and firm level. We … establish that the upward trend in micro volatility is not simply driven by a compositional bias in the sample studied. We argue … that this new fact sheds some shadows on the proposed explanations for the decline in aggregate volatility and that, given …

into different components. We find that the firm-specific component contributes substantially to aggregate sales volatility … heterogeneous firms selling to multiple markets to motivate a theoretically-founded decomposition of firms' annual sales growth rate …

accounting for sales variation across merchants, across stores within retail chains, and over time for individual merchants and … stores. Customers, as opposed to transactions per customer or dollar sales per transaction, consistently account for about 80 …% of sales variation. The top 1% of growing and shrinking merchants account for about 70% of customer and sales …

that bank integration across U.S. states over the late 1970s and 1980 dampened economic volatility within states … volatility of firm investment spending or positively related to that volatility. The results suggest the possibility that …