Labor Responses, Regulation, and Business Churn
构建了一个企业进入缓慢的模型，解释劳动力对技术冲击的短期反应，发现劳动力反应及其持续性取决于劳动回报率和企业进入速度，并用美国行业数据验证，同时证明更严格的进入监管会减缓向稳态的收敛。
Abstract We develop a model of sluggish firm entry to explain short‐run labor responses to technology shocks. We show that the labor response to technology and its persistence depend on the degree of returns to labor and the rate of firm entry. Existing empirical results support our theory based on short‐run labor responses across U.S. industries. We derive closed‐form transition paths that show the result occurs because labor adjusts instantaneously while firms are sluggish, and closed‐form eigenvalues show that stricter entry regulation results in slower convergence to steady state. Finally, we show that our theoretical results hold in a quantitative model with capital accumulation and interest rate dynamics.