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Temporal Disaggregation of Business Dynamics: New Evidence for U.S. Economy

Lorenza Rossi () and Emilio Zanetti Chini ()

No 188, Working Papers from University of Rome La Sapienza, Department of Public Economics

Abstract: We provide new disaggregated data and stylized facts on firm dynamics of the U.S economy by using a state-space method to transform Census yearly data of entry and exit from 1977 to 2013 into quarterly frequency. Entry is lagging and symmetric, while exit is leading and asymmetric along the business cycle. We select the most significant determinants of these variables by matching Census data with a new database by Federal Reserve. These determinants differ considerably among entry and exit. Finally, standard macroeconometric models estimated on our disaggregated series support the recent theoretical literature, according to which the cleansing effect of recession is mainly due to exit asymmetry.

Keywords: Bayesian VAR; Firms and Establishments; Productivity; State-Space Models (search for similar items in EconPapers)
JEL-codes: C13 C32 C40 E30 E32 (search for similar items in EconPapers)
Pages: 64
Date: 2019-06
New Economics Papers: this item is included in nep-bec, nep-ets, nep-mac and nep-sbm
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