Business Volatility, Job Destruction, and Unemployment
利用行业层面数据的低频变动，估计岗位破坏率下降对失业流入率的影响，发现岗位破坏强度下降解释了1982至2005年间失业流入下降的28%至55%。
Unemployment inflows fell from 4 percent of employment per month in the early 1980s to 2 percent by the mid 1990s. Using low frequency movements in industry-level data, we estimate that a 1 percentage point drop in the quarterly job destruction rate lowers the monthly unemployment inflow rate by 0.28 points. By our estimates, declines in job destruction intensity account for 28 (55) percent of the fall in unemployment inflows from 1982 (1990) to 2005. Slower job destruction accounts for similar fractions of long-term declines in the rate of unemployment.