期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2007
卷号：1
出版社：European Central Bank
摘要：This paper shows that adjustment costs modelled as ring costs of moderate size go a long way in explaining the variability and counter- cyclicality of the labour share at the rm and aggregate level. Firing costs cause rms to re less in recessions and hire less in booms caus- ing wage costs to uctuate less cyclically than output, thus inducing variability and countercyclicality in the labour share. The paper de- velops a dynamic labour demand model with ring costs. The model is then calibrated using moments derived from 1634 French manufactur- ing rms and aggregate French manufacturing data. The calibrated model is able to closely match the variability and counter-cyclicality of the labour share at the rm level while it also generates a coun- tercyclical aggregate labour share with a variability 60 % of that in French aggregate manufacturing.
关键词：labour share; labor adjustment costs; firing costs; real business;cycles
