DOMENICO DELLI GATTI (Institute of Quantitative Methods and Economic Theory, Catholic University of Milan, Largo Gemelli1, I-20123 Milan, Italy) CORRADO DI GUILMI (Department of Economics, Università , Politecnica delle Marche, Piaz.le Martelli 8, I-60121 Ancona, Italy) EDOARDO GAFFEO (Department of Economics, University of Trento, Via Inama 5, I-33100 Trento, Italy) GIANFRANCO GIULIONI (Department of Economics, Università , Politecnica delle Marche, Piaz.le Martelli 8, I-60121 Ancona, Italy) MAURO GALLEGATI () (Department of Economics, Università , Politecnica delle Marche, Piaz.le Martelli 8, I-60121 Ancona, Italy) ANTONIO PALESTRINI (Department of Law in Society and History, University of Teramo, Via Crucioli 120, I-64100 Teramo, Italy)
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Power law behavior is an emerging property of many economic models. In this paper we emphasize the fact that power law distributions are persistent but not time invariant. In fact, the scale and shape of the firms' size distribution fluctuate over time. In particular, on a logâlog space, both the intercept and the slope of the power law distribution of firms' size change over the cycle: during expansions (recessions) the straight line representing the distribution shifts up and becomes less steep (steeper). We show that the empirical distributions generated by simulations of the model presented in Ref. 11 mimic real empirical distributions remarkably well.
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