Aggregated output in industrialized countries has become less volatile over the past decades. Whether this quot;Great Moderationquot; can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms...

Aggregated output in industrialized countries has become less volatile over the past decades. Whether this “Great Moderation” can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms that...