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DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Research Seminar - Adam Spencer (University of Bonn) - Hetereogeneous Firms, Growth and the Long Shadows of Business Cycles Co-authors: Cristiana Bendetti-Fasil, Giammario Impullitti (University of Nottingham), Omar Licandro (University of Leicester & Barcelona Graduate School of Economics (GSE)) and Petr Sedláček (University of New South Wales) Abstract R&D is procyclical and a crucial driver of growth. Evidence indicates that innovation activity varies widely across firms. Is there heterogeneity in innovation cyclicality? Does innovation heterogeneity matter for business cycle propagation? We provide empirical evidence that more productive firms are less procyclical in innovation. We develop a model replicating this observation, with selection as the driver of heterogeneous innovation cyclicality. We then examine how heterogeneous innovation and growth influence business cycle propagation. Dynamics of firm entry and exit, coupled with heterogeneous cyclicality, significantly amplify TFP shock propagation. Business cycle fluctuations give substantial welfare losses, with firm heterogeneity contributing significantly. =0D=0A Online Research seminars organized by the Bank of Finland's Research Unit are open to all researchers interested in the subjects covered. Those wishing to attend a seminar are kindly asked to register in advance, by filling in  the Online Registration Form . =0D=0A The registration for each seminar is open until 9:00 am the day of the seminar. You will receive a link to join the seminar by email at the latest one hour before the seminar is scheduled to begin. =0D=0A
DTEND:20261008T084500Z
DTSTAMP:20261001T115452Z
DTSTART:20261008T073000Z
LOCATION:MS Teams
SUMMARY:Adam Spencer (University of Bonn) - Hetereogeneous Firms, Growth and the Long Shadows of Business Cycles
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