HOLLY, Sean; PETRELLA, Ivan; SANTORO, Emiliano - Centrum voor Economische Studiën, Faculteit Economie … - 2011
This paper argues that important insights into the business cycle can be obtained by exploring the micro-structure of macroeconomic fluctuations. We fit firm-level growth data with the Asymmetric Exponential Power density, which accounts for asymmetric dispersion and kurtosis on either side of...