The German manufacturing sector is a granular economy

Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications of this finding for theoretical and empirical research and for economic policy are discussed.

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Year of publication:	2011
Authors:	Wagner, Joachim
Publisher:	Bonn : Institute for the Study of Labor (IZA)
Subject:	Unternehmenserfolg \| Großunternehmen \| Schock \| Produktivität \| Verarbeitendes Gewerbe \| Branchenkonjunktur \| Konjunktur \| Makroökonomischer Einfluss \| Schätzung \| Deutschland \| power law \| idiosyncratic shocks \| granular residual \| Germany

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Series:	IZA Discussion Papers ; 6115
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	690073984 [GVK] hdl:10419/58813 [Handle]
Classification:	E32 - Business Fluctuations; Cycles
Source:	EconStor

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