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The growth of business firms is an example of a system of complex interacting units that resembles complex interacting systems in nature such as earthquakes. Remarkably, work in econophysics has provided evidence that the statistical properties of the growth of business firms follow the same...
Persistent link: https://www.econbiz.de/10012893849
This paper presents a set of facts on the cyclicality of firm births and deaths in the U.S. during the period 1979--2013. Asymmetry in the cyclicality between firm birth and firm death is observed: aggregate firm birth is generally significantly procyclical, while the (counter-)cyclicality in...
Persistent link: https://www.econbiz.de/10012955841
I investigate changes in product scope, the number of products that a firm offers, over the business cycle and decompose the impact of such changes on aggregate output. By using the Nielsen Retail Scanner data of U.S. consumer goods purchases for 2007- 2014, I find that firm product scope is an...
Persistent link: https://www.econbiz.de/10012828434
This paper analyzes the implications of plant-level dynamics over the business cycle. We first document basic patterns of entry and exit of U.S. manufacturing plants, in terms of employment and productivity, between 1972 and 1997. We show how entry and exit patterns vary during the business...
Persistent link: https://www.econbiz.de/10012720467
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High-frequency financial and economic activity indicators are usually time aggregated before forecasts of low-frequency macroeconomic events, such as recessions, are computed. We propose a mixed-frequency modelling alternative that delivers high-frequency probability forecasts (including their...
Persistent link: https://www.econbiz.de/10012308083
demonstrate explains part of firms’ heterogeneous investment responses to the Great Recession. We find an important role for low … demand growth in depressing investment in the recession and for ongoing uncertainty in prolonging investment weakness in … an investment spike after the recession, which is consistent with them having been more exposed to financial distress. …
Persistent link: https://www.econbiz.de/10011817429
This article summarizes the main findings on problems related to the measurement and identification of business cycles. The aim of this study is to define and identify the determinants of business cycles. This paper provides an overview of the methodology and its future course. Our investigation...
Persistent link: https://www.econbiz.de/10011453001
Traditional measures of spatial industry concentration are restricted to given areal units. They do not make allowance for the fact that concentration may be differently pronounced at various geographical levels. Methods of spatial point pattern analysis allow to measure industry concentration...
Persistent link: https://www.econbiz.de/10003852222