The Cleansing Effect of Recessions
研究企业如何应对需求周期性波动：新生产单位不断诞生，旧单位被淘汰；衰退时旧单位最易亏损被淘汰，但新单位减少可保护它们。调整成本结构决定这两个边界的反应。模型匹配制造业就业创造与破坏的波动和周期不对称性。
The authors investigate industry response to cyclical variations in demand. Production units that embody the newest process and product innovations are continuously being created and outdated units are being destroyed. Although outdated units are the most likely to turn unprofitable and be scrapped in a recession, they can be 'insulated' from the fall in demand by a reduction in creation. The structure of adjustment costs plays a determinant role in the responsiveness of those two margins. The calibrated model matches the relative volatilities of the observed manufacturing job creation and destruction series, and their asymmetries over the cycle. Copyright 1994 by American Economic Association.