R&D, Market Power, and the Cyclicality of Employment

被引：0
作者：
Aysun, Uluc [1 ]
Guldi, Melanie [1 ]
Honig, Adam [2 ]
Yom, Zeynep [3 ]
机构：
[1] Univ Cent Florida, Dept Econ, Orlando, FL 32816 USA
[2] Amherst Coll, Dept Econ, Amherst, MA USA
[3] Villanova Sch Business, Dept Econ, Villanova, PA USA
来源：
JOURNAL OF MONEY CREDIT AND BANKING | 2025年 / 57卷 / 01期
关键词：
R & D; employment volatility; firm-level data; Compustat; FIRM-LEVEL; FINANCING CONSTRAINTS; PRODUCTIVITY GROWTH; BUSINESS-CYCLE; GIBRATS LAW; INNOVATION; TECHNOLOGY; SIZE; COMPETITION; COUNTRIES;
D O I：
10.1111/jmcb.13091
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper provides a first look into the joint effects of research and development (R & D) and market power on the cyclicality of employment. It presents a theoretical model with R & D and monopolistically competitive firms which shows that firms smooth their R & D activities when they face large R & D adjustment costs. This smoothing behavior comes at the expense of higher labor volatility, and it is stronger for firms with high R & D intensity and low market power. Firm-level data support these predictions. Dynamic panel estimations reveal that employment at competitive firms engaging in a high level of R & D is more procyclical.
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页码：151 / 184
页数：34
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