FIRM DYNAMICS WITH FRICTIONAL PRODUCT AND LABOR MARKETS

被引：2
|
作者：
Kaas, Leo [1 ]
Kimasa, Bihemo [2 ]
机构：
[1] Goethe Univ Frankfurt, Frankfurt, Germany
[2] Univ Konstanz, Constance, Germany
来源：
INTERNATIONAL ECONOMIC REVIEW | 2021年 / 62卷 / 03期
关键词：
UNCERTAINTY SHOCKS; SEARCH; UNEMPLOYMENT; AGGREGATE; TURNOVER; DEMAND; MODEL;
D O I：
10.1111/iere.12510
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We analyze the joint dynamics of prices, productivity, and employment across firms, building a dynamic equilibrium model of heterogeneous firms who compete for workers and customers in frictional labor and product markets. Using panel data on prices and output for German manufacturing firms, the model is calibrated to evaluate the quantitative contributions of productivity and demand for the labor market. Product market frictions decisively dampen the firms' employment adjustments to productivity shocks. We further analyze the impact of aggregate shocks to the first and second moments of productivity and demand and relate them to business-cycle features in our data.
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页码：1281 / 1317
页数：37
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