Turnover and the Dynamics of Labour Demand
通过区分净雇佣调整成本与总雇佣调整成本，利用美国制造业的完整劳动力流动数据，估计了利润最大化的就业路径，发现对称成本假设下两种成本对解释就业波动都重要，但允许非对称性后流动率变化的重要性消失。
Using a generalized asymmetric adjustment function including both costs of changing employment (net changes) and costs of hiring or firing (gross changes), the authors derive the profit-maximizing path of employment demand and the Euler equation whose parameters they estimate. Identifying the two types of costs requires complete data on turnover, which were available for U.S. manufacturing through 1981 and which demonstrate that both types of costs are needed to track aggregate employment fluctuations if one assumes that costs are symmetric. Allowing for asymmetry, the apparent importance of variations in the turnover rate disappears. Copyright 1996 by The London School of Economics and Political Science.