Market Exposure and Endogenous Firm Volatility over the Business Cycle

We propose a theory of endogenous firm-level risk over the business cycle based on endogenous market exposure. Firms that reach a larger number of markets diversify market-specific demand shocks at a cost. The model is driven only by total factor productivity shocks and captures the observed counter...

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Veröffentlicht in:	American economic journal. Macroeconomics 2016-01, Vol.8 (1), p.148-198
Hauptverfasser:	Decker, Ryan A., D'Erasmo, Pablo N., Boedo, Hernan Moscoso
Format:	Artikel
Sprache:	eng
Schlagworte:	Business cycles Censuses Central banks Economic development Economic theory GDP Gross Domestic Product Macroeconomics Productivity Risk exposure Studies Volatility
Online-Zugang:	Volltext
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