In Search of Labor Demand
提出并估计了一个包含搜索摩擦和创业作用的劳动力需求新模型，利用四十年城市行业数据发现行业城市层面工资弹性接近-1，城市层面为-0.3，差异源于拥挤外部性，并评估了最低工资变动对就业的影响。
We propose and estimate a novel specification of labor demand which encompasses search frictions and the role of entrepreneurs in new firm creation. Using city-industry variation over four decades, we estimate the wage elasticity of employment demand to be close to −1 at the industry-city level and −0.3 at the city level. We argue that the difference between these estimates reflects the congestion externalities predicted by the search literature. Our estimates also indicate that entrepreneurship should be treated as a scarce factor in the determination of labor demand. We use our estimates to evaluate the impact of large changes in the minimum wage on employment.