We bring to light a significant aspect of firm level heterogeneity over the business cycle. Analysing the responsiveness of firm growth (quoted UK companies) to aggregate shocks, we find that the effects of aggregate shocks are more pronounced for firms in the middle range of growth. Rapidly...

In this paper we examine the growth of income inequality in Hungary in the early transition period. We use household budget survey data from four years between 1987 and 1993 to examine the factors associated with the levels and changes in inequality. We find that public policy inhibited the...

In this paper we provide a new dimension to business cycle analysis, going beyond the traditional focus on the co-movements and correlations in macroeconomic aggregates. We bring to light a significant form of firm level heterogeneity over the business cycle. We analyse the responsiveness of...