The Effects of Firing Costs on Labour Market Dynamics
通过搜寻匹配模型，研究发现解雇成本能解释不同国家劳动力市场周期波动的差异，包括就业创造与破坏的波动、劳动集约与粗放边际的波动以及贝弗里奇曲线关系。
Using a search and matching model with distinct intensive and extensive labour margin choices and costly firing, we argue that firing costs can account for the observed cross‐country differences in the cyclical behaviour of labour market aggregates. More restrictive employment protection legislation is associated with larger fluctuations in job‐creation relative to job‐destruction flows, larger fluctuations in the intensive relative to extensive margin of labour, and a weaker short‐run Beveridge curve relation measured as the negative contemporaneous correlation between unemployment and vacancies. A calibrated version of our model can explain these empirical observations quantitatively. In the model, firms opt to adjust labour input more strongly along the hiring margin and the intensive margin of labour when firing costs are increased. Hence fluctuations in the job‐creation relative to job‐destruction flows, and fluctuations in the intensive relative to extensive margin of labour rise. Because hiring takes longer than firing, the substitution of the firing margin with the hiring margin leads to a more sluggish response of unemployment to shocks and hence weakens the negative contemporaneous correlation between unemployment and vacancies.