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The Cross-Sectional Dynamics of German Business Cycles: A Bird´s Eye View

  • Michael Funke

    ()

  • Sebastian Weber

    ()

  • Jörg Döpke

    ()

  • Sean Holly

    ()

We establish stylised facts for Germany's business cycle at the firm level. Based on longitudinal firm-level data from the Bundesbank's balance sheet statistic covering, on average, 55,000 firms per year from 1971 to 1998, we analyse the reallocation across individual producers and its connection to aggregate business cycles. Our results indicate a pronounced heterogeneity across firms. Moreover, the distribution of growth rates of firm's real sales is influenced by business cycle conditions. The cross-section skewness of real sales changes is counter-cyclical. The results confirm findings for the UK and the US and are, therefore, robust stylised facts of the business cycle.

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Paper provided by Hamburg University, Department of Economics in its series Quantitative Macroeconomics Working Papers with number 20508.

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Date of creation: Aug 2005
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Handle: RePEc:ham:qmwops:20508
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  1. von Kalckreuth, Ulf & Chirinko, Robert S., 2002. "Further Evidence On The Relationship Between Firm Investment And Financial Status," Discussion Paper Series 1: Economic Studies 2002,28, Deutsche Bundesbank, Research Centre.
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