Business cycle fluctuations and firms' size distribution dynamics

Delli Gatti, D; Di Guilmi, C; Gaffeo, E; Giulioni, G; Gallegati, M; Palestrini, A

Business cycle fluctuations and firms' size distribution dynamics

Delli Gatti, D Di Guilmi, C

Gaffeo, E Giulioni, G Gallegati, M Palestrini, A

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Publication Type:: Journal Article
Citation:: Advances in Complex Systems, 2004, 7 (2), pp. 223 - 240
Issue Date:: 2004-06-01

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Field	Value	Language
dc.contributor.author	Delli Gatti, D	en_US
dc.contributor.author	Di Guilmi, C https://orcid.org/0000-0001-7786-039X	en_US
dc.contributor.author	Gaffeo, E	en_US
dc.contributor.author	Giulioni, G	en_US
dc.contributor.author	Gallegati, M	en_US
dc.contributor.author	Palestrini, A	en_US
dc.date.issued	2004-06-01	en_US
dc.identifier.citation	Advances in Complex Systems, 2004, 7 (2), pp. 223 - 240	en_US
dc.identifier.issn	0219-5259	en_US
dc.identifier.uri	http://hdl.handle.net/10453/8317
dc.description.abstract	Power law behavior is an emerging property of many economic models. In this paper we emphasize the fact that power law distributions are persistent but not time invariant. In fact, the scale and shape of the firms' size distribution fluctuate over time. In particular, on a log-log space, both the intercept and the slope of the power law distribution of firms' size change over the cycle: during expansions (recessions) the straight line representing the distribution shifts up and becomes less steep (steeper). We show that the empirical distributions generated by simulations of the model presented in Ref. 11 mimic real empirical distributions remarkably well.	en_US
dc.relation.ispartof	Advances in Complex Systems	en_US
dc.relation.isbasedon	10.1142/S0219525904000160	en_US
dc.subject.classification	Fluids & Plasmas	en_US
dc.title	Business cycle fluctuations and firms' size distribution dynamics	en_US
dc.type	Journal Article
utslib.citation.volume	2	en_US
utslib.citation.volume	7	en_US
utslib.for	0102 Applied Mathematics	en_US
utslib.for	1701 Psychology	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
utslib.copyright.status	closed_access
pubs.issue	2	en_US
pubs.publication-status	Published	en_US
pubs.volume	7	en_US

Abstract:

Power law behavior is an emerging property of many economic models. In this paper we emphasize the fact that power law distributions are persistent but not time invariant. In fact, the scale and shape of the firms' size distribution fluctuate over time. In particular, on a log-log space, both the intercept and the slope of the power law distribution of firms' size change over the cycle: during expansions (recessions) the straight line representing the distribution shifts up and becomes less steep (steeper). We show that the empirical distributions generated by simulations of the model presented in Ref. 11 mimic real empirical distributions remarkably well.

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http://hdl.handle.net/10453/8317