Hiring as Investment Behavior
This paper explores the determinants and stochastic properties of hiring at the aggregate, macroeconomic level. At the core of the analysis is a present value relation which defines the worker's "asset value" for the firm and determines optimal hiring. The paper validates this relation using volatility tests and infers the unobserved asset values by estimating it.
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|Date of creation:||1999|
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27, Federal Reserve Bank of Minneapolis.
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36-99, Tel Aviv.
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384, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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- Burda, Michael & Wyplosz, Charles, 1994.
"Gross worker and job flows in Europe,"
European Economic Review,
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- Abowd, John M. & Kramarz, Francis, 2003.
"The costs of hiring and separations,"
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- Cochrane, John H, 1992.
"Explaining the Variance of Price-Dividend Ratios,"
Review of Financial Studies,
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- Diamond, Peter A, 1982.
"Aggregate Demand Management in Search Equilibrium,"
Journal of Political Economy,
University of Chicago Press, vol. 90(5), pages 881-94, October.
- Abowd, John M & Zellner, Arnold, 1985. "Estimating Gross Labor-Force Flows," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(3), pages 254-83, June.
- David Backus & Patrick J. Kehoe & Finn E. Kydland, 1993.
"International Business Cycles: Theory and Evidence,"
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4493, National Bureau of Economic Research, Inc.
- David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1993. "International Business Cycles: Theory and Evidence," Working Papers 93-21, New York University, Leonard N. Stern School of Business, Department of Economics.
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