We estimate changes in firm-specific volatility in sales and earnings growth of US firms. We do so using an approach which better captures firm-specific volatility than commonly used dispersion measures do. Our results do not lend strong support to the common view that firm-specific volatility...

The period before the financial crisis was characterized by unprecedented calm in the U.S. and other developed countries. Volatility of aggregate output growth declined in the U.S. beginning in the early 1980's until the fall of 2007 (the phenomenon has been widely called the Great Moderation)....

We construct a dynamic monopolistic competition model with heterogeneous firms to study the links between firms' earnings volatility, their degree of financial constraints, their survival probabilities, and their export market participation decisions. Our model predicts that more volatile firms...

This paper shows that the share of exports in the total sales of a firm has a positive and substantial impact on the volatility of its sales. Decomposing the volatility of sales of exporters between their domestic and export markets, I show using an identification strategy based on a...