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The Contribution of Large and Small Employers to Job Creation in Times of High and Low Unemployment

  • Giuseppe Moscarini
  • Fabien Postel-Vinay

We document a negative correlation, at business cycle frequencies, between the net job creation rate of large employers and the level of aggregate unemployment that is much stronger than for small employers. The differential growth rate of employment between initially large and small employers has an unconditional correlation of -0.5 with the unemployment rate, and varies by about 5 percent over the business cycle. We exploit several datasets from the United States, Denmark, and France, both repeated cross sections and job flows with employer longitudinal information, spanning the last four decades and several business cycles. We discuss implications for theories of factor demand. (JEL D22, E23, E32, J23, L25)

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Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 102 (2012)
Issue (Month): 6 (October)
Pages: 2509-39

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Handle: RePEc:aea:aecrev:v:102:y:2012:i:6:p:2509-39
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  1. Ronald Bachmann & Peggy David, 2009. "The Importance of Two-Sided Heterogeneity for the Cyclicality of Labour Market Dynamics," SFB 649 Discussion Papers SFB649DP2009-017, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
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