Employment and innovation in recessions: firm-level evidence from European Countries
利用1998-2014年26个欧洲国家制造业企业数据，研究发现产品创新的就业效应在经济衰退时转为负，但产品创新企业比非创新企业更能抵御衰退，且这种韧性仅存在于中小企业。
Abstract This paper investigates the employment effects of innovation over the business cycle with a large data set of manufacturing firms from 26 European countries from 1998 to 2014. The paper reveals four important findings: First, the net employment effect of product innovation is pro-cyclical and positive except in recessions. Second, product innovators are more resilient in recessions than non-product innovators because they are able to substitute demand losses in old products with new products. As a result, the net employment losses of product innovators are significantly lower in recessions than those of non-product innovators. Third, we find resilience only among small and medium-sized enterprises (SMEs), but not among large firms. Fourth, process and organizational innovations displace labor primarily during upturn and downturn periods.