Linear Adjustment Costs and Seasonal Labor Demand: Evidence from Retail Trade Firms
利用美国失业保险经验评级制度带来的可量化线性调整成本，基于8000多家零售企业的行政数据，估计该成本对季节性劳动力需求的影响，发现调整成本显著降低了企业对需求季节性波动的就业反应。
Standard models of dynamic labor demand rely on the presence of adjustment costs to explain the observed smoothness in employment patterns, although the costs are often difficult to quantify. The experience rating feature of the U. S. Unemployment Insurance (UI) system provides a measurable linear cost of adjustment. Using a unique data set with administrative data on over 8000 firms, I estimate the effect of a UI-induced linear adjustment cost on seasonal labor demand in retail trade. I find strong support for the large role of adjustment costs in reducing the employment response of firms to seasonal fluctuations in demand.