Minimum Wage, Employment, and Margins of Adjustment
利用雇主-雇员匹配面板数据，将最低工资的就业效应分解为持续经营企业的内部变化和企业退出，发现负效应集中在小型企业，尤其是餐饮住宿和制造业中的企业关闭。
<h3>Abstract</h3> We decompose the employment effect of the minimum wage into changes in employment within continued establishments and changes due to the exits of establishments. For small-sized establishments, we distinguish between other labor adjustment margins, such as hours worked, hiring, and separation at the individual level. Using employer–employee matched panel data, we show that the magnitude and channels of the employment effect differ by establishment size and industry. We find a negative effect of the minimum wage on employment growth, which is highly concentrated among small establishments. In particular, in the food and lodging and manufacturing industries, a substantial part of the effect is driven by business closing.