Barriers to Reallocation and Economic Growth: The Effects of Firing Costs
研究了阻碍企业间资源重新配置的因素如何影响总体生产率增长，通过扩展企业动态模型纳入内生创新，评估了解雇税对重新配置、创新和生产率增长的影响，发现其对进入者和在位者创新有相反作用，总体效果取决于增长驱动力。
We study how factors that hinder the reallocation of inputs across firms influence aggregate productivity growth. We extend Hopenhayn and Rogerson’s (1993) firm-dynamics model to allow for endogenous innovation. We evaluate the effects of firing taxes on reallocation, innovation, and productivity growth. We find firing taxes can have opposite effects on entrants’ innovation and incumbents’ innovation, and the overall outcome depends on the relative strengths of these forces. In the entrant-driven growth calibration, firing taxes reduce aggregate productivity growth, whereas aggregate productivity growth increases in the incumbent-driven growth calibration.