Diverging trends in aggregate and firm volatility
成果类型：
Article
署名作者：
Comin, Diego; Mulani, Sunil
署名单位：
National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve Bank - New York
刊物名称：
REVIEW OF ECONOMICS AND STATISTICS
ISSN/ISSBN：
0034-6535
DOI：
10.1162/rest.88.2.374
发表日期：
2006-05
页码：
374-383
关键词：
摘要：
This note documents the diverging trends in volatility of the growth rate of sales at the aggregate and firm levels. We establish that the upward trend in firm volatility is not simply driven by a compositional bias in the sample studied. We argue that this new fact brings into question the proposed explanations for the decline in aggregate volatility and that, given the symmetry of the diverging trends at the micro and macro levels, a common explanation is likely. We conclude by describing one such theory.
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