On firm-level,industry-level,and aggregate employment fluctuations |
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| Authors: | Miguel Casares |
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| Affiliation: | 1. Econometric Institute, Erasmus University Rotterdam, P.O. Box 1738, NL-3000 DR Rotterdam, Netherlands;2. Department of Quantitative Economics, University of Amsterdam, Valckenierstraat 65-67, 1018 XE Amsterdam, Netherlands;1. University Paris1 Panthéon – Sorbonne, CES UMR 8174, 106 bd de l''Hôpital, 75013 Paris, France;2. Lombard Odier Asset Management, Avenue des Morgines 6, 1213 Petit-Lancy, Switzerland;3. University Paris 1 Panthéon-Sorbonne, MSE, 106 bd de l''Hôpital, 75013 Paris, France;1. University of Wisconsin-Madison, 1180 Observatory Drive, Madison, WI 53706, United States;2. University of Queensland, Australia;1. Università della Svizzera Italiana, Via Buffi 13, CH-6900 Lugano, Switzerland;2. CREST, CEPREMAP, France;3. University of Toronto, Canada;1. Jerusalem College of Technology, Jerusalem 91160, Israel;2. Georgia State University, Atlanta, GA 30303, USA |
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| Abstract: | Employment fluctuations are examined, at different levels of aggregation, in a model with firm-specific hiring decisions due to search frictions and sticky pricing. The results indicate that firm-level employment dispersion rises with higher price stickiness and higher demand elasticity, whereas it falls with more convexity of search costs and with a higher labor supply elasticity. Industry-level employment is more volatile and less procyclical than aggregate employment, and a larger industry size reduces volatility and raises co-movement with output. The calibrated model is able to match the volatility, autocorrelation and cyclical correlation of US industry-level employment when incorporating firm-specific technology shocks. |
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| Keywords: | Employment fluctuations Search frictions Sticky prices Firm-specific shocks |
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