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Sectoral Specifities in the Dynamics of U.S. Manufacturing Firms

Author

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  • Giulio Bottazzi
  • Angelo Secchi

Abstract

The size distribution and growth rates dynamics of U.S. manufacturing firms have been extensively studied by many authors. In this paper, using the COMPUSTAT database, we extend the analysis to disaggregated data, studying 15 industrial sectors. We find that among the stylized facts presented in literature concerning the whole industry, some survive and can be considered valid for each single sector while some disappear, suggesting that their emergence was purely due to aggregation effects. The degree of heterogeneity in the behavior of the different sectors hints at a richer economic structure and, consequently, stresses the loss of information implied in limiting the investigations at an aggregate level.

Suggested Citation

  • Giulio Bottazzi & Angelo Secchi, 2003. "Sectoral Specifities in the Dynamics of U.S. Manufacturing Firms," LEM Papers Series 2003/18, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  • Handle: RePEc:ssa:lemwps:2003/18
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    Cited by:

    1. Ascari, Guido & Fagiolo, Giorgio & Roventini, Andrea, 2015. "Fat-Tail Distributions And Business-Cycle Models," Macroeconomic Dynamics, Cambridge University Press, vol. 19(02), pages 465-476, March.
    2. Giorgio Fagiolo & Mauro Napoletano & Marco Piazza & Andrea Roventini, 2009. "Detrending and the Distributional Properties of U.S. Output Time Series," Economics Bulletin, AccessEcon, vol. 29(4), pages 3155-3161.
    3. Dosi, Giovanni & Fagiolo, Giorgio & Roventini, Andrea, 2010. "Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), pages 1748-1767, September.
    4. Giulio Bottazzi & Angelo Secchi, 2011. "A new class of asymmetric exponential power densities with applications to economics and finance," Industrial and Corporate Change, Oxford University Press, vol. 20(4), pages 991-1030, August.
    5. Giorgio Fagiolo & Mauro Napoletano & Andrea Roventini, 2008. "Are output growth-rate distributions fat-tailed? some evidence from OECD countries," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(5), pages 639-669.
    6. repec:ebl:ecbull:v:15:y:2006:i:7:p:1-8 is not listed on IDEAS
    7. Christopher A Laincz & Ana Sofia Domingues Rodrigues, "undated". "A Theoretical Foundation for Understanding Firm Size Distributions and Gibrat's Law," Discussion Papers 05/34, Department of Economics, University of York.
    8. Broekel, Tom & Schimke, Antje & Brenner, Thomas, 2011. "The effects of cooperative R&D subsidies and subsidized cooperation on employment growth," Working Paper Series in Economics 34, Karlsruhe Institute of Technology (KIT), Department of Economics and Business Engineering.
    9. Giovanni Dosi & Giorgio Fagiolo & Andrea Roventini, 2005. "Animal Spirits, Lumpy Investment, and Endogenous Business Cycles," LEM Papers Series 2005/04, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    10. Tom Broekel & Antje Schimke & Thomas Brenner, 2011. "The effects of cooperative R and D subsidies and subsidized cooperation on employment growth," Working Papers on Innovation and Space 2011-04, Philipps University Marburg, Department of Geography.
    11. Giovanni Dosi & Sébastien Lechevalier & Angelo Secchi, 2010. "Interfirm heterogeneity: nature, sources and consequences for industrial dynamics. An introduction," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00642680, HAL.
    12. Giovanni Dosi & Giorgio Fagiolo & Andrea Roventini, 2006. "An Evolutionary Model of Endogenous Business Cycles," Computational Economics, Springer;Society for Computational Economics, vol. 27(1), pages 3-34, February.

    More about this item

    Keywords

    Firm Growth; Laplace distribution; Power Law; Industrial Sectors;

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