AdjustmenttoTargetCapital,Finance,andGrowth：调整目标资本，金融，和生长.pptVIP

E.Papaioannou/Human Capital, the Structure of Production and Growth Job Protection Legislation and TFP Growth in OECD Countries. Discussion Federico Cingano Question: Does EPL slow down TFP growth? If EPL slows employment reallocation, it might prevent firms from fully exploiting existing growth opportunities. DID-like (“Rajan-Zingales”) approach ? Negative relationship: ? i.e. high-EPL countries see slower TFP growth in industries with stronger need for labour reallocation (higher layoff rates) 73s, 23-tables paper, plenty of robustness checks and discussions.. Hard to think of something missing! Empirical framework Year-by-year country-industry TFP growth (1982-2003) Interaction of country-level EPL with a measure of (frictionless) industry needs for layoffs/reallocation. Think of “amount” and “relevance” of regulation. Country and industry fixed-effects can be accounted for Issue #1: measuring ?j “Standard” approach: measuring industry requirements taking ?j from a benchmark, low regulated country (here, the US in 2000-2003..). Idea: in those countries layoff/reallocation is unlikely to reflect frictions in the labour market But ?j might reflect idiosyncratic shocks (es. Fisman-Sarria, 2004) ? Measurement error + attenuation bias? ? If shocks correlated with EPL can yield to estimate positive effects even when there are none (Ciccone and Papaioannou, 2006, 2008) Issue #1: possible solution Estimate layoff/reallocation rates for a hp. “frictionless economy” using data on all countries .. .. and accounting for the fact that in countries with high employment protection, job reallocation might not just reflect industry characteristics Issue #2: methodology “Standard” approach: When relying on benchmark-country weights, the benchmark country is normally excluded from the main regression (a problem here?) “Standard” approach: provide, if possible, evidence of “direct” effect (i.e. of EPL on labor market flows) ? Note: Red Tape costs shown to have