Technology Shocks and the Labor‐Input Response: Evidence from Firm‐Level Data
利用瑞典企业层面数据，通过生产函数方法识别技术冲击，发现劳动投入的同期反应为负，且测量误差不能解释这一结果，支持企业层面刚性模型。
We study the relationship between technology shocks and labor input on Swedish firm‐level data using a production function approach to identify technology shocks. Taking standard steps yields a contractionary contemporaneous labor‐input response in line with previous studies. This finding may, however, be driven by measurement errors in the labor‐input variable. Relying on a unique feature of our data set, which contains two independently measured firm‐specific labor input measures, we can evaluate the potential bias. We do not find that this bias conceals any true positive contemporaneous effect. The results thus point away from standard flexible‐price models and toward models emphasizing firm‐level rigidities.