Large Firm Dynamics and the Business Cycle
构建了一个仅由企业层面扰动驱动的总量波动理论，证明标准异质性企业动态模型本身就能解释商业周期的持续性、波动性和时变二阶矩，并重点分析了大型企业动态在塑造总量波动中的关键作用。
Do large firm dynamics drive the business cycle? We answer this question by developing a quantitative theory of aggregate fluctuations caused by firm-level disturbances alone. We show that a standard heterogeneous firm dynamics setup already contains in it a theory of the business cycle, without appealing to aggregate shocks. We offer an analytical characterization of the law of motion of the aggregate state in this class of models, the firm size distribution, and show that aggregate output and productivity dynamics display: (i ) persistence, (ii ) volatility, and (iii ) time-varying second moments. We explore the key role of moments of the firm size distribution, and, in particular, the role of large firm dynamics, in shaping aggregate fluctuations, theoretically, quantitatively, and in the data.