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Murilo Silva and Sergio Da Silva
''The Brazilian granular business cycle''
( 2020, Vol. 40 No.1 )
We investigate whether the granular hypothesis holds for the Brazilian business cycle and find that idiosyncratic shocks to net revenues of the top 100 companies explain about one-third of GDP fluctuations for annual data. Quarterly data cannot dismiss the granular hypothesis either. However, the granular hypothesis seems to break down after the 2008 financial crisis.
Keywords: Business cycle theory, Idiosyncratic micro-level shocks, Granularity
JEL: E3 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
D2 - Production and Organizations: General
Manuscript Received : Jan 13 2020 Manuscript Accepted : Feb 10 2020

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