Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/296965 
Year of Publication: 
2023
Series/Report no.: 
Danmarks Nationalbank Working Papers No. 196
Publisher: 
Danmarks Nationalbank, Copenhagen
Abstract: 
Firms' sensitivities to business cycles differ by size and age. The differences are large: "young and small firms" are more cyclical than large firms, whereas "old and small" firms are closer to acyclical. A heterogeneous-firm model with heterogeneous returns to scale can replicate these findings, and implies changes in the potency of different stabilisation policies.
Subjects: 
firm age
firm size
cyclicality
financial frictions
JEL: 
D22
E32
G32
L25
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.