Abstract
We use annual observations on sales at the firm-destination level of all Swedish firms for 1997–2008 to examine the contribution of firm-level shocks to aggregate fluctuations. The firm-specific and sector-destination components each contribute about equally to aggregate sales volatility. For export volatility, the firm-specific component is more important. The analysis is conducted so as to ease a comparison to earlier results using French data. Compared to the French case the Swedish data show greater granularity and greater overall volatility, but also a lower firm-level contribution to aggregate volatility.
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