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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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    References listed on IDEAS

    1. Gershman, Boris, 2016. "Witchcraft beliefs and the erosion of social capital: Evidence from Sub-Saharan Africa and beyond," Journal of Development Economics, Elsevier, vol. 120(C), pages 182-208.
    2. Henrich, Joseph, 2004. "Cultural group selection, coevolutionary processes and large-scale cooperation," Journal of Economic Behavior & Organization, Elsevier, vol. 53(1), pages 3-35, January.
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    Cited by:

    1. Fabio Ghironi, 2018. "Macro needs micro," Oxford Review of Economic Policy, Oxford University Press, vol. 34(1-2), pages 195-218.
    2. Pamina Koenig, 2017. "Notes on Sigwatch's NGO campaign database," PSE Working Papers halshs-01671758, HAL.
    3. Sophie Hatte & Pamina Koenig, 2017. "The Geography of NGO Activism against Multinational Corporations," PSE Working Papers halshs-01518148, HAL.
    4. repec:eee:ecolet:v:163:y:2018:i:c:p:95-97 is not listed on IDEAS

    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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