キム　ヨンガク   KIM Young Gak   金 榮愨    所属   専修大学  経済学部    専修大学大学院  経済学研究科    職種   教授
言語種別	日本語
発行・発表の年月	2017/06
形態種別	研究論文（学術雑誌）
標題	Aggregate and Firm-level Volatility in the Japanese Economy
執筆形態	共著
掲載誌名	John Wiley & Sons/ Japanese Economic Review
巻・号・頁	68(2),158-172頁
総ページ数	15
概要	In this paper, we investigate the volatility of sales at the firm and the aggregate level using the longitudinal data set of the Financial Statements Statistics of Corporations(FSSC). The main findings are as follows. First, firm‐level volatility decreased until the mid‐1990s, but then increased again. Second, aggregate‐level volatility steadily decreased until the mid‐1990s and remained low after that. Third, decomposing the total variance of the growth rate of aggregated sales, we find that the divergence between firm‐level and aggregate‐level volatility is caused by the drastic decline and subsequent low level of the covariance of sales growth between different firms and the increase in individual firms' sales volatility.
DOI	10.1111