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dc.contributor.authorBachmann, Ruedigeren
dc.contributor.authorBayer, Christianen
dc.date.accessioned2009-07-20-
dc.date.accessioned2009-09-07T14:41:14Z-
dc.date.available2009-09-07T14:41:14Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/27743-
dc.description.abstractUsing 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.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2009,17en
dc.subject.jelE20en
dc.subject.jelE22en
dc.subject.jelE30en
dc.subject.jelE32en
dc.subject.ddc330en
dc.subject.keywordSs modelen
dc.subject.keywordRBC modelen
dc.subject.keywordcross-sectional firm dynamicsen
dc.subject.keywordlumpy investmenten
dc.subject.keywordcountercyclical risken
dc.subject.keywordaggregate shocksen
dc.subject.keywordidiosyncratic shocksen
dc.subject.keywordheterogeneous firms.en
dc.subject.stwReal Business Cycleen
dc.subject.stwProduktivitäten
dc.subject.stwSchocken
dc.subject.stwKonjunkturen
dc.subject.stwRisikoen
dc.subject.stwInnovationen
dc.subject.stwInvestitionen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwTheorieen
dc.subject.stwDeutschlanden
dc.titleThe cross-section of firms over the business cycle: new facts and a DSGE exploration-
dc.typeWorking Paperen
dc.identifier.ppn605021503en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:200917en

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