The Impact of Business Cycle Conditions on Firm Dynamics and Composition

IF 2.5 1区历史学 Q2 ECONOMICS

Journal of Economic History Pub Date : 2023-03-29 DOI:10.1017/s0022050723000086

Cihan Artunç

引用次数: 1

Abstract

This paper estimates the causal impact of short-term aggregate fluctuations in Egypt, 1911–48, using global cotton price shocks. Firm entry was procyclical, and exit was acyclical. There were persistent differences between cohorts over the cycle; expansionary cohorts were of lower quality. The evidence supports models of firm entry with ex-ante heterogeneity. The findings highlight the extensive margin of entry as the primary adjustment mechanism. As a result, recessions had a strong “isolation” effect. This nature of firm entry amplified and propagated temporary price shocks.

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经济周期条件对企业动态和构成的影响

本文利用全球棉花价格冲击估计了1911 - 1948年埃及短期总波动的因果影响。企业进入是顺周期的，退出是非周期的。在整个周期中，队列之间存在持续的差异;扩张性队列的质量较低。证据支持具有事前异质性的企业进入模型。研究结果强调，广泛的进入边际是主要的调整机制。因此，衰退具有强烈的“隔离”效应。企业进入的这种性质放大并传播了暂时的价格冲击。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Economic History Multiple-

CiteScore

2.80

自引率

4.80%

发文量

期刊介绍： The Journal of Economic History is devoted to the multidisciplinary study of history and economics, and is of interest not only to economic historians but to social and demographic historians, as well as economists in general. The journal has broad coverage, in terms of both methodology and geographic scope. Topics covered include money and banking, trade, manufacturing, technology, transportation, industrial organisation, labour, agriculture, servitude, demography, education, economic growth, and the role of government and regulation. In addition, an extensive book review section keeps readers informed about the latest work in economic history and related fields.