| 来源类型 | Discussion paper
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| 规范类型 | 论文
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| 来源ID | DP4171
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| DP4171 Absorptive Capacity, R&D Spillovers and Public Policy |
| Peter Neary; Dermot Leahy
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| 发表日期 | 2004-01-23
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| 出版年 | 2004
|
| 语种 | 英语
|
| 摘要 | What role does labour play in firms? market value? We explore this question using a production-based asset-pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labour is akin to investment in capital and that the two interact, with the interaction being a crucial determinant of market value behaviour. We use aggregate US corporate sector data to estimate firms? optimal hiring and investment decisions and the consequences for firms? value. We then decompose this value, thereby quantifying the link between firms? market value and gross hiring flows, employment, gross investment and physical capital. We find that a conventional specification ? quadratic adjustment costs for capital and no hiring costs ? performs poorly. Rather hiring and investment flows, unlike employment and capital stocks, are volatile and both are essential to account for market volatility. A key result is that firms? value embodies the value of hiring and investment over and above the capital stock. |
| 主题 | Labour Economics
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| 关键词 | Production-based asset pricing
Labour market frictions
Gross flows
Q-model
Gmm
|
| URL | https://cepr.org/publications/dp4171
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533142
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推荐引用方式
GB/T 7714 |
Peter Neary,Dermot Leahy. DP4171 Absorptive Capacity, R&D Spillovers and Public Policy. 2004.
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