Labour Demand and the Source of Adjustment Costs
通过收集医院和工厂的月度数据，区分了劳动力调整中的净成本（调整就业）和总成本（雇佣和解雇），发现总成本对动态劳动力需求影响更大，值得更多关注。
To examine the importance of the two sources of costs of adjusting labour demand, net costs (of adjusting employment) and gross costs (of hiring and firing), I collect new sets of short monthly time series, from a medium-size hospital and three manufacturing plants. Models with quadratic costs and with lumpy costs are developed and yield lower bounds on the fraction of adjustment costs that are gross. The estimates demonstrate that both types of costs affect dynamic labour demand, but that gross adjustment costs especially, and the turnover that generates them, deserve much more attention.