We propose an aggregate growth index that explicitly accounts for non-normality in the micro-economic distribution of firm growth rates and for the presence of a negative scaling relation between their volatility and the size of the firm. Using Compustat data on US publicly traded company, we show that the new index tracks aggregate fluctuations better […]
![Aggregate fluctuations and the distribution of firm growth rates working_paper_2017_26_cover](http://www.isigrowth.eu/wp-content/uploads/2017/10/working_paper_2017_26_cover-100x100.jpg)