Firms Dynamics and Business Cycle: New Disaggregated Data
Lorenza Rossi () and
Emilio Zanetti Chini ()
No 151, DEM Working Papers Series from University of Pavia, Department of Economics and Management
We provide stylized facts on firms dynamics by disaggregating U.S. yearly data from 1977 to 2013. To this aim, we use an unobserved component-based method, encompassing several classical regression-based techniques currently in use. Our series of entry and exit of firms at establishment level are feasible proxies of business cycle. Exit is a leading and countercyclical indicator, while entry is lagging and pro-cyclical. According to a standard structural econometric analysis, exit overshoots its average level in the medium-run. Several robustness checks confirm these results, hence supporting the most recent theoretical literature.
Keywords: Bayesian VAR; Entry; Exit; Productivity; State Space Models. (search for similar items in EconPapers)
JEL-codes: C13 C32 C40 E30 E32 (search for similar items in EconPapers)
Pages: 31 pages
New Economics Papers: this item is included in nep-bec, nep-eff, nep-mac and nep-sbm
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Working Paper: Firms' Dynamics and Business Cycle: New Disaggregated Data (2017)
Working Paper: Firms’ Dynamics and Business Cycle: New Disaggregated Data (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:pav:demwpp:demwp0151
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