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Countercyclical Profitability Spread: A New Class of Stylized Business Cycle Fact?

Author

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  • Frank Schohl

Abstract

The conventional lists of stylized facts are composed of sentences about the comovement of ordinary macroeconomic time-series and the business cycle. It is argued that these lists are incomplete because heterogeneous agent stylized facts are missing. But there is evidence about the heterogeneity of firm-level profitability changes over the cycle both from scattered literature as well as from an empirical examination. It is concluded that the countercyclical profitability spread should make up the first item on a new list of microfoundation stylized facts which is an indispensable necessity for setting up empirically valuable heterogeneous agent models of the business cycle.

Suggested Citation

  • Frank Schohl, 1998. "Countercyclical Profitability Spread: A New Class of Stylized Business Cycle Fact?," Working Paper Series B 1998-04, Friedrich Schiller University of Jena, School of of Economics and Business Administration.
    • Handle: RePEc:jen:jenavo:1998-04
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    More about this item

    Keywords

    firm heterogeneity; heterogeneous agent models; microfoundation.;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure

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