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.

引用

页码：151 / 184

页数：34

共 58 条

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