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Data and Code for: Small and Large Firms over the Business Cycle

Version
1
Resource Type
Dataset : administrative records data, census/enumeration data, program source code, survey data
Creator
  • Crouzet, Nicolas (Kellogg School of Management, Northwestern University)
  • Mehrotra, Neil (Federal Reserve Bank of New York)
Publication Date
2020-10-26
Free Keywords
Firm size; Business cycles; Financial accelerator
Description
  • Abstract

    This paper uses new confidential Census data to revisit the relationship between firm size, cyclicality, and financial frictions. First, we find that large firms (the top 1% by size) are less cyclically sensitive than the rest. Second, high and rising concentration implies that the higher cyclicality of the bottom 99% of firms only has a modest impact on aggregate fluctuations. Third, differences in cyclicality are not simply explained by financing, and in fact appear largely unrelated to proxies for financial strength. We instead provide evidence for an alternative mechanism based on the industry scope of the very largest firms.
  • Weighting

    Weights internally developed by Census and made available to the researchers as part of the primary data are used in the analysis. More information on sampling frame and sampling methodology are available at https://www.census.gov/econ/qfr/collection.html
  • Methods

    Response Rates: Varies over time; documented in the QFR press releases, available at https://www.census.gov/econ/qfr/.
  • Methods

    Presence of Common Scales: n.a.
Temporal Coverage
  • 1977-01-01 / 2014-12-31
    Time Period: Sat Jan 01 00:00:00 EST 1977--Wed Dec 31 00:00:00 EST 2014
  • 1977-01-01 / 2014-12-31
    Collection Date(s): Sat Jan 01 00:00:00 EST 1977--Wed Dec 31 00:00:00 EST 2014
Geographic Coverage
  • USA
Sampled Universe
US manufacturing firms with more than $250k in assets, 1977-2014; US retail and trade firms with more than $50m in assets, 1977-2014. Smallest Geographic Unit: USA
Sampling
The QFR target population consists of all corporations engaged primarily in manufacturing with total assets of $250,000 and over, and all corporations engaged primarily in mining; wholesale trade; retail trade; information; or professional and technical services (except legal services) industries with total assets of $50 million and over. More information on sampling frame and sampling methodology are available at https://www.census.gov/econ/qfr/collection.html
Collection Mode
  • mail questionnaire; record abstracts;

Availability
Download
This study is freely available to the general public via web download.
Relations
  • Is version of
    DOI: 10.3886/E119865
Publications
  • Crouzet, Nicolas, and Neil Mehortra. “Small and Large Firms over the Business Cycle.” American Economic Review, n.d.

Update Metadata: 2020-10-26 | Issue Number: 1 | Registration Date: 2020-10-26

Crouzet, Nicolas; Mehrotra, Neil (2020): Data and Code for: Small and Large Firms over the Business Cycle. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E119865V1