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The cross-section of firms over the business cycle : new facts and a DSGE exploration

Bachmann, Ruediger; Bayer, Christian - 2009

Using a German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The cross-sectional...

Persistent link: https://www.econbiz.de/10003888063

Firm-specific productivity risk over the business cycle : facts and aggregate implications

Bachmann, Ruediger; Bayer, Christian - 2009

Is time-varying firm-level uncertainty a major cause or amplifier of the business cycle? This paper investigates this question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital adjustment, where cyclical changes in uncertainty...

Persistent link: https://www.econbiz.de/10003898815

The Cyclical Behavior of the Price-Cost Markup

Nekarda, Christopher J. - 2013

and data. Second, because the NK model's predictions differ by the nature of the shock, we present evidence on the … procyclical conditional on a technology shock. However, we find that they are either procyclical or acyclical conditional on …

Persistent link: https://www.econbiz.de/10012459562

Noisy Business Cycles

Angeletos, George-Marios - 2009

This paper investigates a real-business-cycle economy that features dispersed information about the underlying aggregate productivity shocks, taste shocks, and, potentially, shocks to monopoly power. We show how the dispersion of information can (i) contribute to significant inertia in the...

Persistent link: https://www.econbiz.de/10012463667

Risk pooling, leverage, and the business cycle

Dindo, Pietro; Modena, Andrea; Pelizzon, Loriana - 2019 - This version: 10th July 2019

This paper investigates the interdependence between the risk-pooling activity of the financial sector and: output, consumption, risk-free rate, and Sharpe ratio in a dynamic general equilibrium model of a productive economy. Due to their exposure to idiosyncratic shocks and market segmentation,...

Persistent link: https://www.econbiz.de/10012040094

Persistence and cycles in US hours worked

Caporale, Guglielmo Maria; Gil-Alaña, Luis A. - 2012

technology shocks. It is found that hours worked increase on impact in response to a technology shock (though the effect dies …

Persistent link: https://www.econbiz.de/10009514773

On the Sources of Aggregate Fluctuations in Emerging Economies

Chang, Roberto - 2010

encompasses them, taking advantage of recent developments in the theory and implementation of Bayesian methods. The encompassing …

Persistent link: https://www.econbiz.de/10012462714

Real Business Cycles in Emerging Countries?

García-Cicco, Javier - 2006

We use more than one century of Argentine and Mexican data to estimate the structural parameters of a small-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at explaining business cycles in emerging countries. We then...

Persistent link: https://www.econbiz.de/10012466032

Assessing Structural VARs

Christiano, Lawrence J. - 2006

This paper analyzes the quality of VAR-based procedures for estimating the response of the economy to a shock. We focus … question that has attracted a great deal of attention in the literature: How do hours worked respond to an identified shock? In … all of our examples, as long as the variance in hours worked due to a given shock is above the remarkably low number of 1 …

Persistent link: https://www.econbiz.de/10012466312

Technology, Employment, and the Business Cycle : Do Technology Shocks Explain Aggregate Fluctuations

Gali, Jordi - 1996

positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More …

Persistent link: https://www.econbiz.de/10012473117

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