The Empirical Distribution of Firm Dynamics and Its Macro Implications
The Empirical Distribution of Firm Dynamics and Its Macro Implications
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Publisher
Cambridge: National Bureau of Economic Research, Inc
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Language
English
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Publisher
Cambridge: National Bureau of Economic Research, Inc
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Contents
Heterogeneous firm models are ubiquitous in modern macroeconomics. We revisit a central feature of these models: the idiosyncratic shock process faced by firms. Using a large representative firm-level dataset, we document nonparametrically that the common assumption, a Gaussian AR(1) shock process, is at odds in important ways with observed fat-tai...
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Full title
The Empirical Distribution of Firm Dynamics and Its Macro Implications
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TN_cdi_proquest_journals_2825010972
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https://devfeature-collection.sl.nsw.gov.au/record/TN_cdi_proquest_journals_2825010972
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ISSN
0898-2937
DOI
10.3386/w31337
