This paper argues that important insights into the business cycle can be obtained by exploring the micro-structure of macroeconomic fluctuations. We fit firm-level growth data with the Asymmetric Exponential Power density, which accounts for asymmetric dispersion and kurtosis on either side of...

Examines the size distribution of firms at an economy-wide level by allocating productive factors over managers of differing abilities in order to maximize output. A firm is defined as one manager and the capital and labor which that manager controls. To begin, a serious of theories that have...

We study size and growth distributions of products and business firms in the context of a given industry. Firm size growth is analyzed in terms of two basic mechanisms, i.e., the increase of the number of new elementary business units and their size growth. We find a power-law relationship...