In this paper we describe patterns of factor utilization and output adjustment at the plant level. A burgeoning literature emphasizes that the dynamics of aggregate economic activity are determined by the interaction of heterogeneous agents who face differing costs of adjusting to aggregate...

Many companies have either rejected or reduced the size of risk management (hedging) programs because they do not believe that the market will reward them sufficiently for the reduction in earnings volatility. In fact, many commodity companies would take the argument a step farther and argue...