Firm heterogeneity and regional business cycles differentials
利用意大利企业月度数据，研究发现企业异质性解释了南北商业周期振幅差异的50%，而行业构成差异并非主因。
We analyze the effect of firm heterogeneity on regional business cycle differentials.\nUsing monthly firm-level data for Italy and estimating discrete-response models, we\ndocument sizeable and countercyclical differences in amplitude between the Northern\nand the Southern business cycles. We explore the role of sectoral mix and several firmspecific\nfactors in explaining regional business cycle gaps. Results suggest that regional\ndifferences in sectoral composition are not responsible for these discrepancies,\nwhereas firm-level heterogeneity explains 50% of the North–South gap. These results\nare robust to controlling for (i) firm fixed effects, (ii) spatial fixed effects and (iii) simultaneity bias.