The Microeconomics of Macroeconomic Asymmetries : Sectoral Driving Forces and Firm Level Characteristics

Arbeitspapier

There is now considerable evidence that business cycle variation in output and employment in the U.S. di¤ers in expansions and contractions. We present nonparametric evidence that asymmetries are strongest in durable goods manufacturing. In a Markov switching framework, we find two leading indicators, consumer expectations and the term spread, act as important driving forces behind asymmetry. Cross sectional analysis, using firm level data, shows that plant and equipment expenditures, raw materials inventory holdings, and bankruptcy score increase the likelihood ratio index for asymmetry by more than 65%.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper ; No. 2004-05

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Business Fluctuations; Cycles ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Macroeconomics: Production
• Thema: asymmetry ; industry ; triples test ; Markov switching ; oil prices ; inventories ; leading indicators ; Konjunktur ; Branchenkonjunktur ; Arbeitsmobilität ; Erdölpreis ; Markovscher Prozess ; Konjunkturindikator ; Vereinigte Staaten

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Korenok, Oleg ; Mizrach, Bruce ; Radchenko, Stanislav
• Ereignis: Veröffentlichung
• (wer): Rutgers University, Department of Economics
• (wo): New Brunswick, NJ
• (wann): 2004

Weitere Informationen

• Handle: http://hdl.handle.net/10419/23184
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ