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Slow to hire, quick to fire : employment dynamics with asymmetric responses to news

Author: Cosmin L Ilut; Matthias Kehrig; Martin Schneider, (Professor of economics); National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2014.
Series: Working paper series (National Bureau of Economic Research), no. 20473.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
This paper studies the distribution of employment growth when firms adjust asymmetrically to dispersed but correlated signals. If hiring decisions respond more to bad news than to good news, both aggregate conditional volatility ("macro-volatility") and the cross sectional dispersion of employment growth ("micro-volatility") are countercyclical, as in the data. Fluctuations in both macro and micro volatility emerge  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Cosmin L Ilut; Matthias Kehrig; Martin Schneider, (Professor of economics); National Bureau of Economic Research,
OCLC Number: 891586977
Notes: "September 2014"
Description: 1 online resource (45 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 20473.
Responsibility: Cosmin Ilut, Matthias Kehrig, Martin Schneider.

Abstract:

This paper studies the distribution of employment growth when firms adjust asymmetrically to dispersed but correlated signals. If hiring decisions respond more to bad news than to good news, both aggregate conditional volatility ("macro-volatility") and the cross sectional dispersion of employment growth ("micro-volatility") are countercyclical, as in the data. Fluctuations in both macro and micro volatility emerge endogenously in response to news shocks and do not require exogenous changes in volatility. Establishment level Census data confirm other implications of the mechanism: in particular, employment growth (contrary to TFP shocks) is negatively skewed in both the cross section and the time series, and employment responds more to bad than to good TFP shocks.

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