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Firm Heterogeneity and Regional Business Cycles Differentials

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  • Roberto Basile

    ()

  • Sergio de Nardis
  • Carmine Pappalardo

Abstract

This study represents a first attempt to empirically analyze the role of firm heterogeneity in regional business cycle behaviour. Working with monthly Italy’s firms data and estimating a random effects ordered probit model, we first document sizable asymmetries in Northern and Southern firms business cycles positively related to the intensity of the national cycle: firms located in the South are more likely to reduce production levels than firms located in the North in periods of business cycle expansion and viceversa. Then, we explore the role of sectoral mix and several firm-specific factors (firm size, export propensity, liquidity constraints, demand conditions, capacity utilization and expectations) in explaining regional disparities in business cycle fluctuations. Results suggest that North-South differences in sectoral composition do not help explain the diverging behaviour of Southern firms, while by controlling for firm heterogeneity we are able to capture large part of regional business cycles differences. JEL codes: D21, E32, R10 Keywords: Regional business cycle, firm heterogeneity, random effects ordered probit

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Bibliographic Info

Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa12p84.

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Date of creation: Oct 2012
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Handle: RePEc:wiw:wiwrsa:ersa12p84

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  1. Basile, Roberto, 2001. "Export behaviour of Italian manufacturing firms over the nineties: the role of innovation," Research Policy, Elsevier, Elsevier, vol. 30(8), pages 1185-1201, October.
  2. Pamina Koenig & Florian Mayneris & Sandra Poncet, 2009. "Local export spillovers in France," PSE Working Papers, HAL halshs-00566142, HAL.
  3. John Moore & Nobuhiro Kiyotaki, 2008. "Liquidity, Business Cycles, and Monetary Policy," 2008 Meeting Papers, Society for Economic Dynamics 35, Society for Economic Dynamics.
  4. Mastromarco, Camilla & Woitek, Ulrich, 2007. "Regional business cycles in Italy," Computational Statistics & Data Analysis, Elsevier, Elsevier, vol. 52(2), pages 907-918, October.
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Cited by:
  1. Wenzel, Lars, 2013. "Forecasting regional growth in Germany: A panel approach using business survey data," HWWI Research Papers, Hamburg Institute of International Economics (HWWI) 133, Hamburg Institute of International Economics (HWWI).

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