Aggregate Fluctuations and the Cross-Sectional Dynamics of Firm Growth
研究了企业销售增长率分布随时间的变化，发现左侧企业（增长慢或下降）对总量冲击更敏感，高绩效企业增长波动是趋势性波动的主要来源，且分布两侧概率质量的变化可能放大商业波动，金融摩擦可解释这些现象。
Summary The paper explores time variation in the distribution of firm level growth of total sales. Three novel results are reported. First, firms on the left-hand side of the distribution, i.e. firms that are growing more slowly or declining, are typically more responsive to aggregate shocks than those on the right-hand side of the distribution. Second, trending behaviour in the volatility of firm growth is predominantly driven by increasing dispersion in the growth of highly performing firms. Third, shifts in the probability mass on either side of the mode may act as important propagators of business fluctuations. Financial frictions emerge as a mechanism that is capable of accounting for these facts.