The Cross-Sectional Dynamics of German Business Cycles: A Bird´s Eye View

Michael Funke, Sebastian Weber (), Jörg Döpke () and Sean Holly ()

Quantitative Macroeconomics Working Papers from Hamburg University, Department of Economics

Abstract: We establish stylised facts for Germany's business cycle at the firm level. Based on longitudinal firm-level data from the Bundesbank's balance sheet statistic covering, on average, 55,000 firms per year from 1971 to 1998, we analyse the reallocation across individual producers and its connection to aggregate business cycles. Our results indicate a pronounced heterogeneity across firms. Moreover, the distribution of growth rates of firm's real sales is influenced by business cycle conditions. The cross-section skewness of real sales changes is counter-cyclical. The results confirm findings for the UK and the US and are, therefore, robust stylised facts of the business cycle.

Keywords: Business Cycles; Cross-Sectional Moments; Firm Growth (search for similar items in EconPapers)
JEL-codes: D21 D92 E32 (search for similar items in EconPapers)
Date: 2005-08
New Economics Papers: this item is included in nep-eec and nep-mac
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Citations: View citations in EconPapers (10)

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Working Paper: The cross-sectional dynamics of German business cycles: a bird's eye view (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:ham:qmwops:20508

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