View Item 

Show simple item record

Firms, Destinations, and Aggregate Fluctuations
dc.contributor.authordi Giovanni, Julianen_US
dc.contributor.authorLevchenko, Andrei A.en_US
dc.contributor.authorMejean, Isabelleen_US
dc.date.accessioned2014-08-06T16:49:39Z
dc.date.availableWITHHELD_12_MONTHSen_US
dc.date.available2014-08-06T16:49:39Z
dc.date.issued2014-07en_US
dc.identifier.citationdi Giovanni, Julian; Levchenko, Andrei A.; Mejean, Isabelle (2014). "Firms, Destinations, and Aggregate Fluctuations." Econometrica 82(4).en_US
dc.identifier.issn0012-9682en_US
dc.identifier.issn1468-0262en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/108022
dc.publisherBlackwell Publishing Ltden_US
dc.publisherWiley Periodicals, Inc.en_US
dc.subject.otherLinkagesen_US
dc.subject.otherLarge Firmsen_US
dc.subject.otherFirm‐Level Shocksen_US
dc.subject.otherAggregate Fluctuationsen_US
dc.titleFirms, Destinations, and Aggregate Fluctuationsen_US
dc.typeArticleen_US
dc.rights.robotsIndexNoFollowen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusiness and Economicsen_US
dc.description.peerreviewedPeer Revieweden_US
dc.contributor.affiliationumDept. of Economics, University of Michigan, 611 Tappan Street, Ann Arbor, MI 48104, U.S.A., NBER, and CEPR; alev@umich.eduen_US
dc.contributor.affiliationotherDept. of Economics, Ecole Polytechnique, Routed de Saclay, 91128 Palaiseau cedex, France and CEPR; isabelle.mejean@polytechnique.eduen_US
dc.contributor.affiliationotherDept. of Economics and Business, Universitat Pompeu Fabra, Ramon Trias Fargas 25‐27, 08005 Barcelona, Spain, Barcelona GSE, CREI, and CEPR; julian.digiovanni@upf.eduen_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/108022/1/ECTA11041.pdf
dc.identifier.doi10.3982/ECTA11041en_US
dc.identifier.sourceEconometricaen_US
dc.identifier.citedreferenceHaltiwanger, J. C. ( 1997 ): “ Measuring and Analyzing Aggregate Fluctuations: The Importance of Building From Microeconomic Evidence,” Federal Reserve Bank of St. Louis Review, 79 ( 3 ), 55 – 77.en_US
dc.identifier.citedreferenceEaton, J., S. S. Kortum, B. Neiman, and J. Romalis ( 2011 ): “ Trade and the Global Recession,” Working Paper 16666, NBER.en_US
dc.identifier.citedreferenceFirpo, S., N. M. Fortin, and T. Lemieux ( 2011 ): “ Decomposition Methods in Economics,” in Handbook of Labor Economics, Vol. 4, ed. by O. Ashenfelter and D. E. Card. Amsterdam: Elsevier, 1 – 102.en_US
dc.identifier.citedreferenceFoerster, A. T., P.‐D. G. Sarte, and M. W. Watson ( 2011 ): “ Sectoral vs. Aggregate Shocks: A Structural Factor Analysis of Industrial Production,” Journal of Political Economy, 119 ( 1 ), 1 – 38. DOI: 10.1086/659311en_US
dc.identifier.citedreferenceFort, T. C., J. Haltiwanger, R. S. Jarmin, and J. Miranda ( 2013 ): “ How Firms Respond to Business Cycles: The Role of Firm Age and Firm Size,” IMF Economic Review, 61 ( 3 ), 520 – 559. DOI: 10.1057/imfer.2013.15en_US
dc.identifier.citedreferenceGabaix, X. ( 2011 ): “ The Granular Origins of Aggregate Fluctuations,” Econometrica, 79 ( 3 ), 733 – 772. DOI: 10.3982/ECTA8769en_US
dc.identifier.citedreferenceGertler, M., and S. Gilchrist ( 1994 ): “ Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms,” Quarterly Journal of Economics, 109 ( 2 ), 309 – 340. DOI: 10.2307/2118465en_US
dc.identifier.citedreferenceGourio, F., and A. K. Kashyap ( 2007 ): “ Investment Spikes: New Facts and a General Equilibrium Exploration,” Journal of Monetary Economics, 54 ( Supplement ), 1 – 22. DOI: 10.1016/j.jmoneco.2007.06.004en_US
dc.identifier.citedreferenceHertzel, M. G., Z. Li, M. S. Officer, and K. J. Rodgers ( 2008 ): “ Inter‐Firm Linkages and the Wealth Effects of Financial Distress Along the Supply Chain,” Journal of Financial Economics, 87 ( 2 ), 374 – 387. DOI: 10.1016/j.jfineco.2007.01.005en_US
dc.identifier.citedreferenceHorvath, M. ( 1998 ): “ Cyclicality and Sectoral Linkages: Aggregate Fluctuations From Independent Sectoral Shocks,” Review of Economic Dynamics, 1 ( 4 ), 781 – 808. DOI: 10.1006/redy.1998.0028en_US
dc.identifier.citedreferenceHorvath, M. ( 2000 ): “ Sectoral Shocks and Aggregate Fluctuations,” Journal of Monetary Economics, 45 ( 1 ), 69 – 106. DOI: 10.1016/S0304-3932(99)00044-6en_US
dc.identifier.citedreferenceJovanovic, B. ( 1987 ): “ Micro Shocks and Aggregate Risk,” Quarterly Journal of Economics, 102 ( 2 ), 395 – 410. DOI: 10.2307/1885069en_US
dc.identifier.citedreferenceKashyap, A. K., O. A. Lamont, and J. C. Stein ( 1994 ): “ Credit Conditions and the Cyclical Behavior of Inventories,” Quarterly Journal of Economics, 109 ( 3 ), 565 – 592. DOI: 10.2307/2118414en_US
dc.identifier.citedreferenceKelly, B., H. Lustig, and S. Van Nieuwerburgh ( 2013 ): “ Firm Volatility in Granular Networks,” Report, University of Chicago, UCLA, and NYU.en_US
dc.identifier.citedreferenceKlette, T. J., and Z. Griliches ( 1996 ): “ The Inconsistency of Common Scale Estimators When Output Prices Are Unobserved and Endogenous,” Journal of Applied Econometrics, 11 ( 4 ), 343 – 361. DOI: 10.1002/(SICI)1099-1255(199607)11:4<343::AID-JAE404>3.0.CO;2-4en_US
dc.identifier.citedreferenceKoren, M., and S. Tenreyro ( 2007 ): “ Volatility and Development,” Quarterly Journal of Economics, 122 ( 1 ), 243 – 287. DOI: 10.1162/qjec.122.1.243en_US
dc.identifier.citedreferenceLee, Y., and T. Mukoyama ( 2012 ): “ Entry, Exit, and Plant‐Level Dynamics Over the Business Cycle,” Report, Sogang University, Federal Reserve Bank of Cleveland, and University of Virginia.en_US
dc.identifier.citedreferenceLong, J. B., and C. I. Plosser ( 1983 ): “ Real Business Cycles,” Journal of Political Economy, 91 ( 1 ), 39 – 69. DOI: 10.1086/261128en_US
dc.identifier.citedreferenceMelitz, M. J. ( 2003 ): “ The Impact of Trade on Intra‐Industry Reallocations and Aggregate Industry Productivity,” Econometrica, 71 ( 6 ), 1695 – 1725. DOI: 10.1111/1468-0262.00467en_US
dc.identifier.citedreferenceMoscarini, G., and F. Postel‐Vinay ( 2012 ): “ The Contribution of Large and Small Employers to Job Creation in Times of High and Low Unemployment,” American Economic Review, 102 ( 6 ), 2509 – 2539. DOI: 10.1257/aer.102.6.2509en_US
dc.identifier.citedreferenceOsotimehin, S. ( 2013 ): “ Aggregate Productivity and the Allocation of Resources Over the Business Cycle,” Report, University of Virginia.en_US
dc.identifier.citedreferenceShea, J. ( 2002 ): “ Complementarities and Comovements,” Journal of Money, Credit, and Banking, 34 ( 2 ), 412 – 433. DOI: 10.1353/mcb.2002.0046en_US
dc.identifier.citedreferenceStockman, A. C. ( 1988 ): “ Sectoral and National Aggregate Disturbances to Industrial Output in Seven European Countries,” Journal of Monetary Economics, 21, 387 – 409. DOI: 10.1016/0304-3932(88)90037-2en_US
dc.identifier.citedreferenceThesmar, D., and M. Thoenig ( 2011 ): “ Contrasting Trends in Firm Volatility,” American Economic Journal: Macroeconomics, 3 ( 4 ), 143 – 180.en_US
dc.identifier.citedreferenceKrugman, P. ( 1980 ): “ Scale Economies, Product Differentiation, and the Pattern of Trade,” American Economic Review, 70 ( 5 ), 950 – 959.en_US
dc.identifier.citedreferenceAcemoglu, D., V. M. Carvalho, A. Ozdaglar, and A. Tahbaz‐Salehi ( 2012 ): “ The Network Origins of Aggregate Fluctuations,” Econometrica, 80 ( 5 ), 1977 – 2016. DOI: 10.3982/ECTA9623en_US
dc.identifier.citedreferenceBernard, A. B., S. J. Redding, and P. K. Schott ( 2010 ): “ Multiple‐Product Firms and Product Switching,” American Economic Review, 100 ( 1 ), 70 – 97. DOI: 10.1257/aer.100.1.70en_US
dc.identifier.citedreferenceBilbiie, F. O., F. Ghironi, and M. J. Melitz ( 2012 ): “ Endogenous Entry, Product Variety and Business Cycles,” Journal of Political Economy, 120 ( 2 ), 304 – 345. DOI: 10.1086/665825en_US
dc.identifier.citedreferenceBlum, B. S., S. Claro, and I. Horstmann ( 2013 ): “ Occasional and Perennial Exporters,” Journal of International Economics, 90 ( 1 ), 65 – 74. DOI: 10.1016/j.jinteco.2012.11.002en_US
dc.identifier.citedreferenceCaballero, R. J., E. M. R. A. Engel, and J. Haltiwanger ( 1997 ): “ Aggregate Employment Dynamics: Building From Microeconomic Evidence,” American Economic Review, 87 ( 1 ), 115 – 137.en_US
dc.identifier.citedreferenceCanals, C., X. Gabaix, J. M. Vilarrubia, and D. E. Weinstein ( 2007 ): “ Trade Patterns, Trade Balances, and Idiosyncratic Shocks,” Working Paper 02/2007, la Caixa.en_US
dc.identifier.citedreferenceCarvalho, V. M., and X. Gabaix ( 2013 ): “ The Great Diversification and Its Undoing,” American Economic Review, 103 ( 5 ), 1697 – 1727. DOI: 10.1257/aer.103.5.1697en_US
dc.identifier.citedreferenceCastro, R., G. L. Clementi, and Y. Lee ( 2013 ): “ Cross‐Sectoral Variation in Plant‐Level Idiosyncratic Risk,” Journal of Industrial Economics ( forthcoming ).en_US
dc.identifier.citedreferenceCohen, L., and A. Frazzini ( 2008 ): “ Economic Links and Predictable Returns,” Journal of Finance, 63 ( 4 ), 1977 – 2011. DOI: 10.1111/j.1540-6261.2008.01379.xen_US
dc.identifier.citedreferenceComín, D., and T. Philippon ( 2006 ): “ The Rise in Firm‐Level Volatility: Causes and Consequences,” in NBER Macroeconomics Annual 2005, Vol. 20, ed. by M. Gertler and K. S. Rogoff. Cambridge, MA: MIT Press, Chapter 1, 167 – 201.en_US
dc.identifier.citedreferenceConley, T. G., and B. Dupor ( 2003 ): “ A Spatial Analysis of Sectoral Complementarity,” Journal of Political Economy, 111 ( 2 ), 311 – 352. DOI: 10.1086/367681en_US
dc.identifier.citedreferenceCooper, R., J. Haltiwanger, and L. Power ( 1999 ): “ Machine Replacement and the Business Cycle: Lumps and Bumps,” American Economic Review, 89 ( 4 ), 921 – 946. DOI: 10.1257/aer.89.4.921en_US
dc.identifier.citedreferenceCooper, R. W., and J. C. Haltiwanger ( 2006 ): “ On the Nature of Capital Adjustment Costs,” Review of Economic Studies, 73 ( 256 ), 611 – 633. DOI: 10.1111/j.1467-937X.2006.00389.xen_US
dc.identifier.citedreferenceDavis, S. J., and J. C. Haltiwanger ( 1992 ): “ Gross Job Creation, Gross Job Destruction, and Employment Reallocation,” Quarterly Journal of Economics, 107 ( 3 ), 819 – 863. DOI: 10.2307/2118365en_US
dc.identifier.citedreferenceDavis, S. J., R. J. Faberman, and J. Haltiwanger ( 2006 ): “ The Flow Approach to Labor Markets: New Data Sources and Micro‐Macro Links,” Journal of Economic Perspectives, 20 ( 3 ), 3 – 26. DOI: 10.1257/jep.20.3.3en_US
dc.identifier.citedreferenceDavis, S. J., J. C. Haltiwanger, and S. Schuh ( 1996 ): Job Creation and Destruction. Cambridge, MA: MIT Press.en_US
dc.identifier.citedreferenceDavis, S. J., J. Haltiwanger, R. Jarmin, and J. Miranda ( 2007 ): “ Volatility and Dispersion in Business Growth Rates Publicly Traded versus Privately Held Firms,” in NBER Macroeconomics Annual 2006, Vol. 21, ed. by D. Acemoglu, K. Rogoff, and M. Woodford. Cambridge, MA: MIT Press, Chapter 2, 107 – 180.en_US
dc.identifier.citedreferenceDi Giovanni, J., and A. A. Levchenko ( 2010 ): “ Putting the Parts Together: Trade, Vertical Linkages, and Business Cycle Comovement,” American Economic Journal: Macroeconomics, 2 ( 2 ), 95 – 124.en_US
dc.identifier.citedreferenceDi Giovanni, J., and A. A. Levchenko ( 2012 a ): “ Country Size, International Trade, and Aggregate Fluctuations in Granular Economies,” Journal of Political Economy, 120 ( 6 ), 1083 – 1132. DOI: 10.1086/669161en_US
dc.identifier.citedreferenceDi Giovanni, J., and A. A. Levchenko ( 2012 b ): “ The Risk Content of Exports: A Portfolio View of International Trade,” in NBER International Seminar on Macroeconomics, Vol. 8, ed. by J. Frankel and C. Pissarides. Chicago, IL: University of Chicago Press, Chapter 3, 97 – 151.en_US
dc.identifier.citedreferenceDi Giovanni, J., A. A. Levchenko, and I. Mejean ( 2014 ): “ Supplement to ‘Firms, Destinations, and Aggregate Fluctuations’,” Econometrica Supplemental Material, 82, http://www.econometricsociety.org/ecta/supmat/11041_miscellaneous.pdf; http://www.econometricsociety.org/ecta/supmat/11041_data_and_programs.zip.en_US
dc.identifier.citedreferenceDi Giovanni, J., A. A. Levchenko, and R. Rancière ( 2011 ): “ Power Laws in Firm Size and Openness to Trade: Measurement and Implications,” Journal of International Economics, 85 ( 1 ), 42 – 52. DOI: 10.1016/j.jinteco.2011.05.003en_US
dc.identifier.citedreferenceDixit, A. K., and J. E. Stiglitz ( 1977 ): “ Monopolistic Competition and Optimum Product Diversity,” American Economic Review, 67 ( 3 ), 297 – 308.en_US
dc.identifier.citedreferenceDoms, M. E., and T. Dunne ( 1998 ): “ Capital Adjustment Patterns in Manufacturing Plants,” Review of Economic Dynamics, 1 ( 2 ), 409 – 429. DOI: 10.1006/redy.1998.0011en_US
dc.identifier.citedreferenceDupor, B. ( 1999 ): “ Aggregation and Irrelevance in Multi‐Sector Models,” Journal of Monetary Economics, 43 ( 2 ), 391 – 409. DOI: 10.1016/S0304-3932(98)00057-9en_US
dc.identifier.citedreferenceEaton, J., S. S. Kortum, and F. Kramarz ( 2011 ): “ An Anatomy of International Trade: Evidence From French Firms,” Econometrica, 79 ( 5 ), 1453 – 1498. DOI: 10.3982/ECTA8318en_US
dc.owningcollnameInterdisciplinary and Peer-Reviewed


Files in this item

Name:
ECTA11041.pdf
Size:
767.5KB
Format:
PDF
View/Open

Show simple item record

Remediation of Harmful Language

The University of Michigan Library aims to describe its collections in a way that respects the people and communities who create, use, and are represented in them. We encourage you to Contact Us anonymously if you encounter harmful or problematic language in catalog records or finding aids. More information about our policies and practices is available at Remediation of Harmful Language.

Accessibility

If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.