The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
The Granular Origins of Aggregate Fluctuations
Open accessAbstract
This paper proposes that idiosyncratic firm-level fluctuations can explain an important part of aggregate shocks, and provide a microfoundation for aggregate productivity shocks.Existing research has focused on using aggregate shocks to explain business cycles, arguing that individual firm shocks average out in aggregate.I show that this argument breaks down if the distribution of firm sizes is fat-tailed, as documented empirically.The idiosyncratic movements of the largest 100 firms in the US appear to explain about one third of variations in output and the Solow residual.This "granular" hypothesis suggests new directions for macroeconomic research, in particular that macroeconomic questions can be clarified by looking at the behavior of large firms.This paper's ideas and analytical results may also be useful to think about the fluctuations of other economic aggregates, such as exports or the trade balance.
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Cites
Emergence of Scaling in Random Networks
Barabási, A.-L., & Albert, R. (1999) · Science · doi:10.1126/science.286.5439.509 · Cited by 36,135
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
Embrechts, P., Klüppelberg, C., & Mikosch, T. (1997) · doi:10.1007/978-3-642-33483-2 · Cited by 4,402
Zipf Distribution of U.S. Firm Sizes
Axtell, R. L. (2001) · Science · doi:10.1126/science.1062081 · Cited by 1,839
Cited by
Supply Chain Disruptions: Evidence from the Great East Japan Earthquake*
Carvalho, V. M., Nirei, M., Saito, Y. U., & Tahbaz-Salehi, A. (2021) · The Quarterly Journal of Economics · doi:10.1093/qje/qjaa044 · Cited by 939
Input Linkages and the Transmission of Shocks: Firm-Level Evidence from the 2011 Tōhoku Earthquake
Boehm, C. E., Flaaen, A., & Pandalai-Nayar, N. (2019) · The Review of Economics and Statistics · doi:10.1162/rest_a_00750 · Cited by 616
Power Laws in Economics: An Introduction
Gabaix, X. (2016) · Journal of Economic Perspectives · doi:10.1257/jep.30.1.185 · Cited by 435
Self-citationFirms, Destinations, and Aggregate Fluctuations
(2014) · Econometrica · doi:10.3982/ecta11041 · Cited by 369
“The Cyclicality of Productivity Dispersion”
Kehrig, M. (2011) · doi:10.2139/ssrn.1787761 · Cited by 107
Metadata
- Authors
- Gabaix, X.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2009-08
- OpenAlex
- W3122444308
- Cited by
- 494
- References
- 4
- Type
- report
- Language
- en
- Open access
- green
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