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Job Turnover and Policy Evaluation: A General Equilibrium Analysis
Abstract
Recent empirical work indicates that job creation and destruction rates are large, implying significant amounts of job reallocation across firms. This paper builds a general equilibrium model of this reallocation process, calibrates it using data on firm-level dynamics, and evaluates the aggregate implications of policies that interfere with this process. We find that a tax on job destruction at the firm level has a sizable negative impact on total employment: a tax equal to 1 year's wages reduces employment by roughly 2.5 percent. More striking, however, are the welfare consequences: the cost in terms of consumption of this same tax is greater than 2 percent. The mechanism through which this welfare loss arises is apparently a decrease in average productivity, since this policy results in a decrease in average productivity of over 2 percent.
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Citations
Cited by
Declining Business Dynamism: What We Know and the Way Forward
Decker, R. A., Haltiwanger, J., Jarmin, R. S., & Miranda, J. (2016) · American Economic Review · doi:10.1257/aer.p20161050 · Cited by 470
Firms, Destinations, and Aggregate Fluctuations
(2014) · Econometrica · doi:10.3982/ecta11041 · Cited by 369
Manufacturing Firms in Developing Countries: How Well Do They Do, and Why?
Tybout, J. (1998) · Policy Research Working Papers · doi:10.1596/1813-9450-1965 · Cited by 272
“Changing Business Dynamism and Productivity: Shocks vs. Responsiveness”
Decker, R., Haltiwanger, J., Jarmin, R., & Miranda, J. (2018) · doi:10.3386/w24236 · Cited by 83
Metadata
- Authors
- Hopenhayn, H., & Rogerson, R.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1993-10
- Volume
- 101
- Issue
- 5
- Pages
- 915-938
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W1991871318
- Cited by
- 1,269
- References
- 0
- FWCI
- 11.78
- Type
- journal article
- Language
- en
- Open access
- closed
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- Hopenhayn, H., & Rogerson, R. (1993). Job Turnover and Policy Evaluation: A General Equilibrium Analysis. Journal of Political Economy. https://doi.org/10.1086/261909
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