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dc.contributor.authorGhosh Dastidar, Sayantan
dc.contributor.authorApergis, Nicholas
dc.date.accessioned2021-11-10T16:58:09Z
dc.date.available2021-11-10T16:58:09Z
dc.date.issued2021-10-27
dc.identifier.citationApergis, N. & Ghosh Dastidar, S. (2021). 'The determinants of aggregate fluctuations: the role of firm-borrowing channels'. The Manchester School, pp. 1-15.en_US
dc.identifier.issn1463-6786
dc.identifier.doi10.1111/manc.12385
dc.identifier.doihttps://doi.org/10.1111/manc.12385
dc.identifier.urihttp://hdl.handle.net/10545/626100
dc.description.abstractThe paper examines the empirical relationship between firm-borrowing channels and aggregate fluctuations for the 100 largest US firms over 2000–2018. The motivation for this study originates from the general consensus in macroeconomics that microeconomic shocks to firms cannot generate significant aggregate fluctuations. The analysis extends Gabaix's 2011 baseline model by incorporating measures for “bank shocks” at the firm-level. In addition to supporting the granular hypothesis, the econometric results indicate that bank shocks have a weak impact on GDP fluctuations, whereas non-bank loans exert a strong impact on the same. The above findings survive certain robustness checks associated with the presence of oil and monetary shocks, as well as with the firms’ location factor.en_US
dc.description.sponsorshipN/Aen_US
dc.language.isoenen_US
dc.publisherWileyen_US
dc.relation.urlhttps://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.12385?saml_referreren_US
dc.rights.urihttp://onlinelibrary.wiley.com/termsAndConditions#vor
dc.subjectfirm-borrowing channelsen_US
dc.subjectaggregate fluctuationsen_US
dc.subjectbusiness cycleen_US
dc.subjectUnited Statesen_US
dc.titleThe determinants of aggregate fluctuations: The role of firm‐borrowing channelsen_US
dc.typeArticleen_US
dc.identifier.eissn1467-9957
dc.contributor.departmentUniversity of Piraeus, Piraeus, Greeceen_US
dc.contributor.departmentUniversity of Derbyen_US
dc.identifier.journalThe Manchester Schoolen_US
dc.identifier.pii10.1111/manc.12385
dc.source.journaltitleThe Manchester School
dcterms.dateAccepted2021-09-12
dc.author.detail784854en_US


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