没有就业的价值

IF 9.5 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2025-10-07 DOI:10.1111/jofi.13505

SIMCHA BARKAI, STAVROS PANAGEAS

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引用次数: 0

摘要

年轻公司对总就业的贡献一直不尽如人意。然而，我们表明，在它们对总销售额或股票市值的贡献中，类似的趋势并不明显，这意味着这些公司表现出较高的劳动平均边际收入产品。在动态企业异质性模型中，我们研究了劳动力平均到边际收入产品逐渐变化的含义。我们表明，这种转变提供了(i)对活力下降的几个方面的统一解释，以及（ii）为什么年轻企业就业的大幅下降可能只对总产出和消费产生温和影响的可能解释。

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Value without Employment

Young firms' contribution to aggregate employment has been underwhelming. We show that a similar trend is not apparent, however, in their contribution to aggregate sales or stock market capitalization, implying that these firms have exhibited a high average-to-marginal revenue product of labor. We study the implications of a gradual shift in the average-to-marginal revenue product of labor within a model of dynamic firm heterogeneity. We show that this shift provides (i) a unified explanation for several aspects of the decline in dynamism and (ii) a possible explanation for why large declines in young-firm employment may have only a moderate effect on aggregate output and consumption.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.