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

Abstract: 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
Date: 2018-02
New Economics Papers: this item is included in nep-bec, nep-eff, nep-mac and nep-sbm
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http://dem-web.unipv.it/web/docs/dipeco/quad/ps/RePEc/pav/demwpp/DEMWP0149.pdf (application/pdf)

Related works:
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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