Consumer Behavior and Firm Volatility
研究发现经济衰退期间需求弹性上升导致企业增长率离散度增大，且这一效应在消费者行为变化最显著的市场中更强，并构建了包含产品市场摩擦的异质性企业商业周期模型来解释这一现象。
Abstract Dispersion in firm‐level growth rates rises during recessions. To date, this has been explained through mechanisms on the firms' side of the economy. In this paper, I show that countercyclical dispersion can arise from changes on the demand side of the economy. Using retail data I find that during recessions demand elasticity rises, the dispersion of firms' growth rates increases, and this increase is larger in markets where the change in consumer behavior is the strongest. I develop a business cycle model with heterogeneous firms and frictions in product markets that highlights the relationship between consumer behavior and firm volatility.