TY  - RPRT
        AU  - Wagner, Joachim
        TI  - The German Manufacturing Sector is a Granular Economy
        PY  - 2011/Nov/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 6115
        UR  - https://www.iza.org/publications/dp6115
        AB  - Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications of this finding for theoretical and empirical research and for economic policy are discussed.
        KW  - granular residual
KW  - idiosyncratic shocks
KW  - power law
KW  - Germany
        ER  -