behavior and aggregate fluctuations. We document that firm-level sales and productivity are hit by heavy-tailed shocks and …-Gaussian shocks. We show that these features are crucial to get empirically plausible volatility and persistence of micro …

deteriorating productivity and rising exit rates. We find supportive evidence for other US-based stylized facts, such as young firms …

-specific technology shock increases the number of firms opening, but also leads to a higher number of firms closing. In contrast, labour …-neutral technology shocks also benefit old firms. An increase in overall productivity leads to an increase in the number of new firms and …

Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the … projections and high dimensional fixed effects, we show that a one standard deviation contractionary monetary policy shock …

We analyze shocks to productivity, collateral constraint (credit shock), firm operation, and labor disutility in a …. Compared to the productivity shock, the credit and the lockdown shocks generate larger changes in firm entry and exit. The … credit shock accounts for lower entry, higher exit, and concentration of exit among young firms during the Great Recession …

variation after the Lehman Shock in the autumn of 2008, I find neither a notable increase in inventory stock nor a long …-run stock adjustment process. Given the size of this unforeseen exogenous shock, most observers expected a large inventory stock … including “financial accelerator” theory …