Great Moderation at the Firm Level? Unconditional vs. Conditional Output Volatility

Aggregated output in industrialized countries has become less volatile over the past decades. Whether this “Great Moderation” can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms that covers 35 years (1971-2005) and about 1,500 firms per year. In contrast to earlier work using firm level data, we use the multifactor residual model proposed by Pesaran (2006) to isolate the idiosyncratic component of firms’ real sales growth from macroeconomic developments. Our paper has three main findings. First, time trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long-run downward trend, which was interrupted by the unification period. Second, the conditional, idiosyncratic firm level volatility does not exhibit a downward trend. If anything idiosyncratic volatility has been on a slow trend rise. Third, we find evidence of a positive link between growth and volatility at the firm level.firm level volatility, Great Moderation, multifactor residual model

Great moderation at the firm level? Unconditional versus conditional output volatility

Aggregated output in industrialized countries has become less volatile over the past decades. Whether this ?Great Moderation? can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms that covers 35 years (1971-2005) and about 1,500 firms per year. In contrast to earlier work using firm level data, we use the multifactor residual model proposed by Pesaran (2006) to isolate the idiosyncratic component of firms? real sales growth from macroeconomic developments. Our paper has three main findings. First, time trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long-run downward trend, which was interrupted by the unification period. Second, the conditional, idiosyncratic firm level volatility does not exhibit a downward trend. If anything idiosyncratic volatility has been on a slow trend rise. Third, we find evidence of a positive link between growth and volatility at the firm level. --firm level volatility,Great Moderation,multifactor residual model

Effect of dopants on thermal stability and self-diffusion in iron nitride thin films

We studied the effect of dopants (Al, Ti, Zr) on the thermal stability of iron nitride thin films prepared using a dc magnetron sputtering technique. Structure and magnetic characterization of deposited samples reveal that the thermal stability together with soft magnetic properties of iron nitride thin films get significantly improved with doping. To understand the observed results, detailed Fe and N self-diffusion measurements were performed. It was observed that N self-diffusion gets suppressed with Al doping whereas Ti or Zr doping results in somewhat faster N diffusion. On the other hand Fe self-diffusion seems to get suppressed with any dopant of which heat of nitride formation is significantly smaller than that of iron nitride. Importantly, it was observed that N self-diffusion plays only a trivial role, as compared to Fe self-diffusion, in affecting the thermal stability of iron nitride thin films. Based on the obtained results effect of dopants on self-diffusion process is discussed.Comment: 10 pages, 9 fig

Formation of iron nitride thin films with Al and Ti additives

In this work we investigate the process of iron nitride (Fe-N) phase formation using 2 at.% Al or 2 at.% Ti as additives. The samples were prepared with a magnetron sputtering technique using different amount of nitrogen during the deposition process. The nitrogen partial pressure (\pn) was varied between 0-50% (rest Argon) and the targets of pure Fe, [Fe+Ti] and [Fe+Al] were sputtered. The addition of small amount of Ti or Al results in improved soft-magnetic properties when sputtered using \pn $\leq$ 10\p. When \pn is increased to 50\p non-magnetic Fe-N phases are formed. We found that iron mononitride (FeN) phases (N at% $\sim$50) are formed with Al or Ti addition at \pn =50% whereas in absence of such addition \eFeN phases (N\pat$\sim$30) are formed. It was found that the overall nitrogen content can be increased significantly with Al or Ti additions. On the basis of obtained result we propose a mechanism describing formation of Fe-N phases Al and Ti additives.Comment: 9 Pages, 7 Figure

Fe and N self-diffusion in non-magnetic Fe:N

Fe and N self-diffusion in non-magnetic FeN has been studied using neutron reflectivity. The isotope labelled multilayers, FeN/57Fe:N and Fe:N/Fe:15N were prepared using magnetron sputtering. It was remarkable to observe that N diffusion was slower compared to Fe while the atomic size of Fe is larger compared to N. An attempt has been made to understand the diffusion of Fe and N in non-magnetic Fe:N

Surfactant mediated growth of Ti/Ni multilayers

The surfactant mediated growth of Ti/Ni multilayers is studied. They were prepared using ion beam sputtering at different adatom energies. It was found that the interface roughness decreased significantly when the multilayers were sputtered with Ag as surfactant at an ion energy of 0.75 keV. On the other hand, when the ion energy was increased to 1 keV, it resulted in enhanced intermixing at the interfaces and no appreciable effect of Ag surfactant could be observed. On the basis of the obtained results, the influence of adatom energy on the surfactant mediated growth mechanism is discussed.Comment: 3 Pages, 3 Figure