Student or educator? Sign up with your school email and get 6 months of Pro free.
CoChat
Sign Up
Cited by 494

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 access
Gabaix, Xavier·2009·National Bureau of Economic Research
DOI 10.3386/w15286
Open this paper in CoChat — free account

Abstract

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.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.3386/w15286

Cites

4 of 4 references verified0 citation errors · 0 not checkable

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cites

Cited by

See all 494

Metadata

Authors
Gabaix, X.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2009-08
DOI
10.3386/w15286
OpenAlex
W3122444308
Cited by
494
References
4
Type
report
Language
en
Open access
green

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.