Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/19724 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorBuch, Claudia M.en
dc.contributor.authorDöpke, Jörgen
dc.contributor.authorStahn, Kerstinen
dc.date.accessioned2009-01-28T16:02:16Z-
dc.date.available2009-01-28T16:02:16Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/19724-
dc.description.abstractAggregated output in industrialized countries has become less volatile over the past decades. Whether this ?Great Moderation? can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms that covers 35 years (1971-2005) and about 1,500 firms per year. In contrast to earlier work using firm level data, we use the multifactor residual model proposed by Pesaran (2006) to isolate the idiosyncratic component of firms? real sales growth from macroeconomic developments. Our paper has three main findings. First, time trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long-run downward trend, which was interrupted by the unification period. Second, the conditional, idiosyncratic firm level volatility does not exhibit a downward trend. If anything idiosyncratic volatility has been on a slow trend rise. Third, we find evidence of a positive link between growth and volatility at the firm level.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2008,13en
dc.subject.jelD21en
dc.subject.jelE32en
dc.subject.ddc330en
dc.subject.keywordfirm level volatilityen
dc.subject.keywordGreat Moderationen
dc.subject.keywordmultifactor residual modelen
dc.subject.stwGesamtwirtschaftliche Produktionen
dc.subject.stwProduktionen
dc.subject.stwUmsatzen
dc.subject.stwVolatilitäten
dc.subject.stwPanelen
dc.subject.stwKonjunkturen
dc.subject.stwDeutschlanden
dc.titleGreat moderation at the firm level? Unconditional versus conditional output volatility-
dc.typeWorking Paperen
dc.identifier.ppn572172850en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:7363en

Datei(en):
Datei
Größe
545.57 kB





Publikationen in EconStor sind urheberrechtlich geschützt.