Lachowska, MartaMas, AlexandreSaggio, RaffaeleWoodbury, Stephen A.2020-02-242020-02-242019-10-13https://hdl.handle.net/1813/69638Firm effects in the AKM model are typically assumed to be constant over time. But what if they aren't constant? We look at a Time-Varying AKM model to show that firm effects are highly persistent and that variance components vary with the business cycle.en-USAttribution-NonCommercial-ShareAlike 4.0 Internationalfirm effectstime-varying high-dimensional effectsAKM modelvariance componentspresentation