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News and sectoral comovement
Lamla, Michael (contributor);  … - 2007
on aggregate information to make output decisions. We find empirical support for this hypothesis: news on aggregate … developments, on average, affect firm's production plans significantly more than news on sector-specific developments. This result … ; news ; expectation driven business cycles ; information complementarities ; sectoral comovement …
Persistent link: https://www.econbiz.de/10003763587
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Do News Shocks Drive Business Cycles? Evidence from German Data
Lucke, Bernd; Haertel, Thomas - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-10, pp. 1-21
We study the Beaudry and Portier (2006)-hypothesis of delayed-technology diffusion and news-driven business cycles. For …
Persistent link: https://www.econbiz.de/10010295308
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The German manufacturing sector is a granular economy
Wagner, Joachim - 2011
Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications of this finding for theoretical and empirical research...
Persistent link: https://www.econbiz.de/10010282465
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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
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Firm-specific productivity risk over the business cycle : facts and aggregate implications
Bachmann, Ruediger; Bayer, Christian - 2009
RBC model with only first moment shocks. The mild changes we do find are mainly caused by a bad news effect: higher … ; idiosyncratic shocks ; heterogeneous firms ; news shocks ; uncertainty shocks …
Persistent link: https://www.econbiz.de/10003898815
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Firm-specific productivity risk over the business cycle : facts and aggregate implications
Bachmann, Ruediger; Bayer, Christian - 2009
dynamics of an RBC model with only first moment shocks. The mild changes we do find are mainly caused by a bad news effect … ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks ; heterogeneous firms ; news shocks ; uncertainty shocks. …
Persistent link: https://www.econbiz.de/10003857672
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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 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/10003857682
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Time series properties of the German monthly production index
Flaig, Gebhard - 2003
The production index is an important indicator for assessing the cyclical state of the economy. Unfortunately, the monthly time series is contaminated by many noisy components like seasonal variations, calendar and vacation effects. Only part of those nuisance components are explicitly...
Persistent link: https://www.econbiz.de/10011514105
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The German manufacturing sector is a granular economy
Wagner, Joachim - 2011
Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications of this finding for theoretical and empirical research...
Persistent link: https://www.econbiz.de/10009519874
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New Evidence on News-Driven Business Cycles
Haertel, Thomas - 2011
We study the Beaudry and Portier (2006)-hypothesis of delayed-technology diffusion and newsdriven business cycles. For German data on TFP and stock prices we find qualitatively similar empirical evidence. Quantitatively, however, an impulse response analysis suggests that a substantial part of...
Persistent link: https://www.econbiz.de/10013132437