Business Cycle - Explore the Science & Experts | ideXlab

Scan Science and Technology

Contact Leading Edge Experts & Companies

Business Cycle

The Experts below are selected from a list of 76194 Experts worldwide ranked by ideXlab platform

Isabelle Mejean – 1st expert on this subject based on the ideXlab platform

  • the micro origins of international Business Cycle comovement
    The American Economic Review, 2018
    Co-Authors: Julian Di Giovanni, Aleksandr Alekseevitsh Levchenko, Isabelle Mejean

    Abstract:

    This paper investigates the role of individual firms in international Business Cycle comovement using data covering the universe of French firm-level value added, bilateral imports and exports, and cross-border ownership over the period 1993-2007. At the micro level, controlling for firm and country effects, trade in goods with a particular foreign country is associated with a significantly higher correlation between a firm and that foreign country. In addition, foreign multinational affiliates operating in France are significantly more correlated with the source economy. The impact of direct trade and multinational linkages on comovement at the micro level has significant macro implications. Because internationally connected firms are systematically larger than non-internationally connected firms, the firms directly linked to foreign countries represent only 8% of all firms, but 56% of all value added, and account for 75% of the observed aggregate comovement. Without those linkages the correlation between France and foreign countries would fall by about 0.091, or one-third of the observed average Business Cycle correlation of 0.29 in our sample of partner countries. These results are evidence of transmission of Business Cycle shocks through direct trade and multinational ownership linkages at the firm level.

  • large firms and international Business Cycle comovement
    The American Economic Review, 2017
    Co-Authors: Julian Di Giovanni, Aleksandr Alekseevitsh Levchenko, Isabelle Mejean

    Abstract:

    This paper investigates the role of the top 100 firms in France in aggregate Business Cycle comovement. We establish that the top 100 firms (i) are important in aggregate; (ii) exhibit stronger international linkages than the rest of the economy; and (iii) contribute substantially to aggregate comovement.

Lawrence J Christiano – 2nd expert on this subject based on the ideXlab platform

  • habit persistence asset returns and the Business Cycle
    The American Economic Review, 2001
    Co-Authors: Michele Boldrin, Lawrence J Christiano, Jonas D M Fisher

    Abstract:

    Two modifications are introduced into the standard real-BusinessCycle model: habit preferences and a two-sector technology with limited intersectoral factor mobility. The model is consistent with the observed mean risk-free rate, equity premium, and Sharpe ratio on equity. In addition, its BusinessCycle implications represent a substantial improvement over the standard model. It accounts for persistence in output, comovement of employment across different sectors over the Business Cycle, the evidence of “excess sensitivity” of consumption growth to output growth, and the “inverted leading-indicator property of interest rates,” that interest rates are negatively correlated with future output.

  • current real Business Cycle theories and aggregate labor market fluctuations
    The American Economic Review, 1990
    Co-Authors: Lawrence J Christiano, Martin Eichenbaum

    Abstract:

    Hours worked and the return to working are weakly correlated. Traditionally, the ability to account for this fact has been a litmus test for macroeconomic models. Existing real-BusinessCycle models fail this test dramatically. The authors modify prototypical real-BusinessCycle models by allowing government consumption shocks to influence labor-market dynamics. This modification can, in principle, bring the models into closer conformity with the data. Their empirical results indicate that it does. Copyright 1992 by American Economic Association.

Martin Eichenbaum – 3rd expert on this subject based on the ideXlab platform

  • current real Business Cycle theories and aggregate labor market fluctuations
    The American Economic Review, 1990
    Co-Authors: Lawrence J Christiano, Martin Eichenbaum

    Abstract:

    Hours worked and the return to working are weakly correlated. Traditionally, the ability to account for this fact has been a litmus test for macroeconomic models. Existing real-BusinessCycle models fail this test dramatically. The authors modify prototypical real-BusinessCycle models by allowing government consumption shocks to influence labor-market dynamics. This modification can, in principle, bring the models into closer conformity with the data. Their empirical results indicate that it does. Copyright 1992 by American Economic Association.