Firing Costs and Labour Demand: How Bad is Eurosclerosis?
构建了线性调整成本下企业最优雇佣决策模型，发现解雇成本对解雇倾向影响大于招聘，并略微提高长期平均就业。校准模型后，认为高解雇成本、增长缓慢和低离职率可解释欧洲大国就业动态特征。
This paper proposes a model of firms' optimal employment policies under linear adjustment costs. We find that firing costs have a larger effect on firms' propensity to fire than to hire, and (slightly) increase average long-run employment. Calibrating the model with realistic parameter values, we argue that high firing costs, slower and more uncertain growth, and lower attrition rates after the first oil shock can explain some features of employment's dynamic behaviour in the largest European countries.