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The Granular Origins of Macroeconomic Fluctuations in Europe / Christian Ebeke, Kodjovi Eklou.
- Format:
- Book
- Government document
- Author/Creator:
- Ebeke, Christian.
- Series:
- IMF Working Papers; Working Paper ; No. 2017/229
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Business cycles--Europe.
- Business cycles.
- Macroeconomics.
- Europe--Economic conditions.
- Europe.
- Physical Description:
- 1 online resource (34 pages)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2017.
- Summary:
- This paper investigates the microeconomic origins of aggregate economic fluctuations in Europe. It examines the relevance of idiosyncratic shocks at the top 100 large firms (the granular shocks) in explaining aggregate macroeconomic fluctuations. The paper also assesses the strength of spillovers from large firms onto SMEs. Using firm-level data covering over 14 million firms and eight european countries (Austria, Belgium, Finland, France, Germany, Italy, Portugal and Spain), we find that: (i) 40 percent of the variance in GDP in the sample can be explained by idiosyncratic shocks at large firms; (ii) positive granular shocks at large firms spill over to domestic SMEs’ output, especially if SMEs’ balance sheets are healthy and if SMEs belong to the services and manufacturing sectors.
- Contents:
- Cover
- CONTENTS
- ABSTRACT
- I. INTRODUCTION
- II. INVESTIGATING THE GRANULAR HYPOTHESIS IN THE EURO AREA
- A. Econometric Specification
- B. Data Description
- C. Results: Granular Residual and Aggregate Fluctuations
- III. INVESTIGATING THE SPILLOVERS FROM THE TOP 100 LARGE FIRMS ONTO SMES
- B. Results: Granular Residual and Spillovers to SMEs
- IV. CONCLUSION
- FIGURES
- 1. Top 100 Firms' Sales as Percentage of GDP in the Sample
- TABLES
- 1. Average Sales as Percentage of GDP
- APPENDICES
- A. Sales as Share of GDP
- B. Additional Data Information
- REFERENCES.
- Notes:
- Includes bibliographical references.
- Description based on publisher supplied metadata and other sources.
- Description based on online resource; title from PDF title page (EBook Central, viewed July 7, 2025).
- ISBN:
- 9781484326992
- 1484326997
- 9781484327012
- 1484327012
- OCLC:
- 1014383564
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