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Large Firms and International Business Cycle Comovement


  • Julian di Giovanni
  • Andrei A. Levchenko
  • Isabelle Mejean


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.

Suggested Citation

  • Julian di Giovanni & Andrei A. Levchenko & Isabelle Mejean, 2017. "Large Firms and International Business Cycle Comovement," American Economic Review, American Economic Association, vol. 107(5), pages 598-602, May.
  • Handle: RePEc:aea:aecrev:v:107:y:2017:i:5:p:598-602
    Note: DOI: 10.1257/aer.p20171006

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    Cited by:

    1. repec:spr:weltar:v:154:y:2018:i:2:d:10.1007_s10290-018-0312-x is not listed on IDEAS
    2. Urška Čede & Bogdan Chiriacescu & Péter Harasztosi & Tibor Lalinsky & Jaanika Meriküll, 2018. "Export characteristics and output volatility: comparative firm-level evidence for CEE countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 154(2), pages 347-376, May.
    3. Tatsuro Senga & Iacopo Varotto, 2018. "Idiosyncratic shocks and the role of granularity in business cycle," 2018 Meeting Papers 1012, Society for Economic Dynamics.
    4. Gigout, Timothee & Bricongne, Jean-Charles, 2019. "Explaining the Persistent Effect of Demand Uncertainty on Firm Growth," MPRA Paper 94228, University Library of Munich, Germany.
    5. Fabio Ghironi, 2018. "Macro needs micro," Oxford Review of Economic Policy, Oxford University Press, vol. 34(1-2), pages 195-218.
    6. Pamina Koenig, 2017. "Notes on Sigwatch's NGO campaign database," PSE Working Papers halshs-01671758, HAL.
    7. Sophie Hatte & Pamina Koenig, 2017. "The Geography of NGO Activism against Multinational Corporations," PSE Working Papers halshs-01518148, HAL.
    8. repec:eee:ecolet:v:163:y:2018:i:c:p:95-97 is not listed on IDEAS
    9. repec:eee:ecolet:v:173:y:2018:i:c:p:35-38 is not listed on IDEAS
    10. Blanco-Arroyo, Omar & Ruiz-Buforn, Alba & Vidal-Tomás, David & Alfarano, Simone, 2018. "On the determination of the granular size of the economy," Economics Letters, Elsevier, vol. 173(C), pages 35-38.

    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles


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