000			02707cam a22003857 4500
001			w17659
003			NBER
005			20211020110716.0
006			m o d
007			cr cnu||||||||
008			210910s2011 mau fo 000 0 eng d
100	1		_aCastro, Rui. _97619
245	1	0	_aCross-Sectoral Variation in The Volatility of Plant-Level Idiosyncratic Shocks / _cRui Castro, Gian Luca Clementi, Yoonsoo Lee.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2011.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w17659
500			_aDecember 2011.
520	3		_aWe estimate the volatility of plant-level idiosyncratic shocks in the U.S. manufacturing sector. Our measure of volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry- or economy-wide factors, or by establishments' characteristics. Consistent with previous studies, we find that idiosyncratic shocks are much larger than aggregate random disturbances, accounting for about 80% of the overall uncertainty faced by plants. The extent of cross-sectoral variation in the volatility of shocks is remarkable. Plants in the most volatile sector are subject to about six times as much idiosyncratic uncertainty as plants in the least volatile. We provide evidence suggesting that idiosyncratic risk is higher in industries where the extent of creative destruction is likely to be greater.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aD24 - Production • Cost • Capital • Capital, Total Factor, and Multifactor Productivity • Capacity _2Journal of Economic Literature class.
690		7	_aL16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change • Industrial Price Indices _2Journal of Economic Literature class.
690		7	_aL60 - General _2Journal of Economic Literature class.
690		7	_aO30 - General _2Journal of Economic Literature class.
690		7	_aO31 - Innovation and Invention: Processes and Incentives _2Journal of Economic Literature class.
700	1		_aClementi, Gian Luca. _98166
700	1		_aLee, Yoonsoo.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w17659.
856	4	0	_uhttps://www.nber.org/papers/w17659
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w17659
942			_2ddc _cW-PAPER
999			_c330463 _d289025