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Slow to Hire, Quick to Fire: Employment Dynamics with Asymmetric Responses to News / Cosmin Ilut, Matthias Kehrig, Martin Schneider.
- Format:
- Book
- Author/Creator:
- Ilut, Cosmin.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w20473.
- NBER working paper series no. w20473
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Slow to Hire, Quick to Fire
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- Concave hiring rules imply that firms respond more to bad shocks than to good shocks. They provide a unified explanation for several seemingly unrelated facts about employment growth in macro and micro data. In particular, they generate countercyclical movement in both aggregate conditional "macro" volatility and cross-sectional "micro" volatility, as well as negative skewness in the cross-section and in the time series at different levels of aggregation. Concave establishment-level responses of employment growth to TFP shocks estimated from Census data induce significant skewness, movements in volatility and amplification of bad aggregate shocks.
- Notes:
- Print version record
- September 2014.
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