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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/10010266059

The life-cycle and the business-cycle of wage risk: a cross-country comparison

Bayer, Christian; Juessen, Falko - 2009

household-level wage innovations. We draw our inference from household panel data sets for the US, the UK, and Germany. First …, but with increments being smaller in the European data. Third, we find that wage risk is procyclical in Germany while it …

Persistent link: https://www.econbiz.de/10010271322

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/10010271782

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 heterogeneousfirm RBC model with persistent firm-level productivity shocks and lumpy capital adjustment, where cyclical changes in uncertainty...

Persistent link: https://www.econbiz.de/10010298831

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

Bachmann, Ruediger; Bayer, Christian - 2009

Using a unique 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...

Persistent link: https://www.econbiz.de/10010298833