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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Bachmann, Ruediger | en |
dc.contributor.author | Bayer, Christian | en |
dc.date.accessioned | 2009-07-20 | - |
dc.date.accessioned | 2009-09-07T14:41:14Z | - |
dc.date.available | 2009-09-07T14:41:14Z | - |
dc.date.issued | 2009 | - |
dc.identifier.uri | http://hdl.handle.net/10419/27743 | - |
dc.description.abstract | Using a unique German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The cross-sectional standard deviation of firm-level innovations in the Solow residual, value added and employment is robustly and significantly countercyclical. 2) The cross-sectional standard deviation of firm-level investment is procyclical. We show that a heterogeneousfirm RBC model with quantitatively realistic countercyclical innovations in the firm-level Solow residual and non-convex adjustment costs calibrated to the non-Gaussian features of the steady state investment rate distribution, produces investment dispersion that positively comoves with the cycle, with a correlation coefficient of 0.65, compared to 0.61 in the data. We argue more generally that the cross-sectional business cycle dynamics impose tight empirical restrictions on structural parameters and stochastic properties of driving forces in heterogeneousfirmmodels, and are therefore paramount in the calibration of these models. | en |
dc.language.iso | eng | en |
dc.publisher | |aDeutsche Bundesbank |cFrankfurt a. M. | en |
dc.relation.ispartofseries | |aDiscussion Paper Series 1 |x2009,17 | en |
dc.subject.jel | E20 | en |
dc.subject.jel | E22 | en |
dc.subject.jel | E30 | en |
dc.subject.jel | E32 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Ss model | en |
dc.subject.keyword | RBC model | en |
dc.subject.keyword | cross-sectional firm dynamics | en |
dc.subject.keyword | lumpy investment | en |
dc.subject.keyword | countercyclical risk | en |
dc.subject.keyword | aggregate shocks | en |
dc.subject.keyword | idiosyncratic shocks | en |
dc.subject.keyword | heterogeneous firms. | en |
dc.subject.stw | Real Business Cycle | en |
dc.subject.stw | Produktivität | en |
dc.subject.stw | Schock | en |
dc.subject.stw | Konjunktur | en |
dc.subject.stw | Risiko | en |
dc.subject.stw | Innovation | en |
dc.subject.stw | Investition | en |
dc.subject.stw | Dynamisches Gleichgewicht | en |
dc.subject.stw | Theorie | en |
dc.subject.stw | Deutschland | en |
dc.title | The cross-section of firms over the business cycle: new facts and a DSGE exploration | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 605021503 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:bubdp1:200917 | en |
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