全球智库信息集成服务系统(G2TT): Business Volatility, Job Destruction, and Unemployment

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14300
来源ID	Working Paper 14300
	Business Volatility, Job Destruction, and Unemployment
	Steven J. Davis; R. Jason Faberman; John Haltiwanger; Ron Jarmin; Javier Miranda
发表日期	2008-09-05
出版年	2008
语种	英语
摘要	Unemployment inflows fell from 4 percent of employment per month in the early 1980s to 2 percent or less by the mid 1990s and thereafter. U.S. data also show a secular decline in the job destruction rate and the volatility of firm-level employment growth rates. We interpret this decline as a decrease in the intensity of idiosyncratic labor demand shocks, a key parameter in search and matching models of unemployment. According to these models, a lower intensity of idiosyncratic shocks produces less job destruction, fewer workers flowing through the unemployment pool and less frictional unemployment. To evaluate the importance of this theoretical mechanism, we relate industry-level unemployment flows from 1977 to 2005 to industry-level indicators for the intensity of idiosyncratic shocks. Unlike previous research, we focus on the lower frequency relationship of job destruction and business volatility to unemployment flows. We find strong evidence that declines in the intensity of idiosyncratic labor demand shocks drove big declines in the incidence and rate of unemployment. This evidence implies that the unemployment rate has become much less sensitive to cyclical movements in the job-finding rate.
主题	Macroeconomics ; Consumption and Investment ; Business Cycles ; Labor Economics ; Unemployment and Immigration
URL	https://www.nber.org/papers/w14300
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/571974
推荐引用方式 GB/T 7714	Steven J. Davis,R. Jason Faberman,John Haltiwanger,et al. Business Volatility, Job Destruction, and Unemployment. 2008.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w14300.pdf（424KB）	智库出版物		限制开放	CC BY-NC-SA	浏览