Asymmetric Adjustment Costs and Aggregate Job Flows: Specification, Estimation and Testing with French Data Xavier Fairise

Patrick Fève

University of Angers, GEAPE and Eurequa

University of Toulouse (GREMAQ and IDEI)

Abstract This paper aims to study whether a simple asymmetric adjustment costs model with tractable heterogeneity can account for the observed distribution of French aggregate job flows. Each firm chooses endogenously its level of hiring or firing depending on the level of a specific technology shock. These policy rules allows, via aggregation, to account for dynamics in aggregate job flows. The deep parameters of the model are then estimated using the Simulated Method of Moments. We then show that the model is able to match some key features of the French aggregate job flows, but the results appears sensitive to the level of heterogeneity.

The data were kindly provided by the F. Karamé (DARES). We thank F. Canova, J.O. Hairault, P.Y. Hénin, T. Kollintzas, C.−M. Kuan, F. Langot, C. Perraudin F. Portier and H. Uhlig for fruitful comments. This study has also benefited from discussions during presentations at the EEA summer school 98 (Paris), Eurequa seminar 99 (Paris) and EEA 99 (Santiago). All remaining errors and insufficiencies are our own. Citation: Fairise, Xavier and Patrick Fève, (2002) "Asymmetric Adjustment Costs and Aggregate Job Flows: Specification, Estimation and Testing with French Data." Economics Bulletin, Vol. 3, No. 11 pp. 1−13 Submitted: May 22, 2002. Accepted: July 2, 2002. URL: http://www.economicsbulletin.com/2002/volume3/EB−02C50005A.pdf


   
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