News shock, firm dynamics and business cycles: Evidence and theory

doi:10.1016/j.jedc.2016.09.010

CORC > 上海财经大学 > 上海财经大学

	News shock, firm dynamics and business cycles: Evidence and theory
	Fan, Haichao 1; Gao, Xiang 2; Xu, Juanyi 3; Xu, Zhiwei 4
刊名	JOURNAL OF ECONOMIC DYNAMICS & CONTROL
	2016-12
卷号	73 页码:159-180
关键词	Firm dynamics Endogenous survival rate Expectation driven business cycles Sectoral comovements
ISSN号	0165-1889
DOI	10.1016/j.jedc.2016.09.010
英文摘要	The literature of expectation-driven business cycles has overlooked the role played by endogenous entry. This paper documents empirically news shock as a major source of fluctuations in firm dynamics and comovement between firm entry and GDP using structural vector auto-regressions. We then develop a tractable dynamic stochastic general equilibrium model to study the propagation mechanism assuming fixed operating costs for incumbents and decreasing survival rates for entrants. Our quantitative prediction closely matches the positive comovement between firm entries and core macroeconomic indicators upon news shock. These results remain robust at the sectoral level when the baseline model is extended to a two-sector setup. (C) 2016 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000389173600009
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1155]
专题	上海财经大学
通讯作者	Xu, Zhiwei
作者单位	1.Fudan Univ, Inst World Econ, Sch Econ, Shanghai, Peoples R China; 2.Shanghai Univ Finance & Econ, Sch Int Business Adm, Shanghai, Peoples R China; 3.Hong Kong Univ Sci & Technol, Dept Econ, Kowloon, Hong Kong, Peoples R China; 4.Shanghai Jiao Tong Univ, Antai Coll Econ & Management, Shanghai, Peoples R China
推荐引用方式 GB/T 7714	Fan, Haichao,Gao, Xiang,Xu, Juanyi,et al. News shock, firm dynamics and business cycles: Evidence and theory[J]. JOURNAL OF ECONOMIC DYNAMICS & CONTROL,2016,73:159-180.
APA	Fan, Haichao,Gao, Xiang,Xu, Juanyi,&Xu, Zhiwei.(2016).News shock, firm dynamics and business cycles: Evidence and theory.JOURNAL OF ECONOMIC DYNAMICS & CONTROL,73,159-180.
MLA	Fan, Haichao,et al."News shock, firm dynamics and business cycles: Evidence and theory".JOURNAL OF ECONOMIC DYNAMICS & CONTROL 73(2016):159-180.