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Firm dynamics with frictional product and labor markets

产品和劳动力市场摩擦的企业动态

基本信息

批准号：
310443373
负责人：
Professor Dr. Leo Kaas
金额：
--
依托单位：
Abteilung Geld und Währung
依托单位国家：
德国
项目类别：
Research Grants
财政年份：
2016
资助国家：
德国
起止时间：
2015-12-31 至 2017-12-31
项目状态：
已结题

来源：
https://gepris.dfg.de/gepris/projekt/310443373?language=en
关键词：
Firm dynamics frictional product labor

项目摘要

The dynamics and heterogeneity of firms is of central importance for the understanding of aggregate outcomes, such as job flows and labor market policy, international trade, aggregate productivity dynamics and economic growth. Much of the existing literature on the role of firm heterogeneity and firm dynamics is based on dynamic and stochastic equilibrium models in which dispersion in firm size and variation in firm growth result from persistent productivity differences and transitory productivity shocks. Productivity is generally understood as revenue productivity which reflects both a firm's prices as well as its physical productivity. However, recent empirical literature points at a prominent role of firm-specific demand for firm growth and firm performance. Moreover, revenue productivity is less dispersed than physical productivity, because firm-level prices are negatively correlated with physical productivity. This project aims to examine the respective roles of firm-specific demand and physical productivity for firm dynamics and the labor market. The project has novel empirical and theoretical contributions. On the empirical side, we analyze official firm data for the manufacturing sector in Germany for which reliable price and quantity information for particular products, together with information on employment, working hours and wages, can be obtained. We are interested in the firm dynamics of prices and quantities and in their relationship with employment and wages. We also examine the nature of price dispersion and its connection with firm characteristics. On the theoretical side, we build an equilibrium model in which heterogeneous firms compete for workers in a frictional labor market and simultaneously compete for buyers in a frictional product market. In this model, prices and wages are dispersed across firms, and technology and demand shocks have distinct implications for the employment, wage, output and price policies of firms. Our goal is to calibrate this model to suitably account for the firm dynamics observed in German firm-level data, so that it can be used for several counterfactual experiments.

企业的动态和异质性对于理解总体结果至关重要，如就业流动和劳动力市场政策、国际贸易、总生产率动态和经济增长。关于企业异质性和企业动态作用的现有文献大多基于动态和随机均衡模型，其中企业规模的分散和企业增长的变化是由持续的生产率差异和短暂的生产率冲击造成的。生产率通常被理解为收入生产率，它既反映了公司的价格，也反映了它的实物生产率。然而，最近的实证文献指出了企业特定需求对企业增长和企业绩效的突出作用。此外，收入生产率的分散程度低于实物生产率，因为企业层面的价格与实物生产率呈负相关。本项目旨在研究企业特定需求和物质生产率对企业动态和劳动力市场的各自作用。该项目具有新颖的经验和理论贡献。在实证方面，我们分析了德国制造业的官方企业数据，从中可以获得特定产品的可靠价格和数量信息，以及就业、工作时间和工资信息。我们感兴趣的是价格和数量的稳定动态，以及它们与就业和工资的关系。我们还研究了价格分散的性质及其与企业特征的联系。在理论方面，我们建立了一个均衡模型，其中异质企业在摩擦劳动力市场上竞争工人，同时在摩擦产品市场上竞争买家。在这个模型中，价格和工资分散在公司之间，技术和需求冲击对公司的就业、工资、产出和价格政策有明显的影响。我们的目标是校准这个模型，以适当地解释在德国企业层面数据中观察到的企业动态，以便它可以用于几个反事实实验。