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The within-distribution business cycle dynamics of German firms

[journal article]

Doepke, Joerg; Weber, Sebastian

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Abstract In this paper we analyse stylised facts for Germany’s business cycle at the firm level. Based on longitudinal firm-level data from the Bundesbank’s balance sheet statistics covering, on average, 55,000 firms per year from 1971 to 1998, we estimate transition probabilities of a firm in a certain real sales growth regime switching to another regime in the next period, e.g. whether a firm that has witnessed a high growth rate is likely to stay in a regime of high growth or is bound to switch in a regime of low growth in the subsequent period. We find that these probabilities depend on the business cycle position
Document language English
Publication Year 2009
Page/Pages p. 3789-
Journal Applied Economics, 42 (2009) 29
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)