M, Buch Claudia; Joerg, Doepke; Kerstin, Stahn - In: The B.E. Journal of Economic Analysis & Policy 9 (2009) 1, pp. 1-27
We test whether there has been a "Great Moderation" of output volatility at the firm level. The multifactor residual model proposed by Pesaran (2006) is used to isolate the idiosyncratic component of firms' sales growth from macroeconomic developments. This methodology is applied to a balanced...