000			01121nam a22001457a 4500
999			_c522887 _d522887
008			230612b ||||| |||| 00| 0 eng d
100			_aGraves, Sebastian _941748
245			_aThe state-dependent effectiveness of hiring subsidies
260			_aAmerican Economic Journal: Macroeconomics
300			_a15(2), Apr, 2023: p.229-253
520			_aThe responsiveness of job creation to shocks is procyclical, while the responsiveness of job destruction is countercyclical. This new finding can be explained by a heterogeneous-firm model in which hiring costs lead to lumpy employment adjustment. The model predicts that policies that aim to stimulate employment by encouraging job creation, such as hiring subsidies, are significantly less effective in recessions: these are times when few firms are near their hiring thresholds and many firms are near their firing thresholds. Policies that target the job destruction margin, such as employment protection subsidies, are particularly effective at such times.- Reproduced
773			_aAmerican Economic Journal: Macroeconomics
906			_aEMPLOYMENT
942			_cAR