产业结构和经济稳定外文翻译.doc

产业结构和经济稳定外文翻译 本科毕业论文外文翻译 外文题目: Industrial structure and economic stability出 处: Applied economic letters 作 者: Sherrill Shaffer 原文: Motivated by prior results predicting contrasting linkages between industrial structure and economic stability, we present exploratory empirical evidence on this important issue. Consistent with the turnover hypothesis, we find that employment grew more steadily where business establishments in all sectors were larger, suggesting an offsetting benefit to the first-moment costs of establishment size identified by previous research. Consistent with the job-matching hypothesis, we find that employment grew more steadily where more establishments per capita operated in all sectors. Similar but less consistent results were also found regarding the stability of income growth. Introduction and Background The fundamental importance of economic performance has spawned an extensive literature on the empirical determinants of economic growth see Rajan and Zingales, 1998; Levine et al., 2000 for prominent examples. One recent discovery is that communities or local regions tend to experience more rapid growth of income or employment where businesses are smaller Shaffer, 2002, 2006a, b. A separate strand of research, meanwhile, has demonstrated the importance of studying the volatility of growth rates rather than merely their means Ramey and Ramey, 1995; Kurz, 2004; Ismihan, 2005; Bekaert et al., 2006. It is relevant in this regard that several studies Davis and Haltiwanger, 1992; Rob, 1995; Davis et al., 1996 have found that jobs at smaller firms tend to be less permanent than at larger firms; while Ilmakunnas et al. 2005 have suggested that such turnover may actually be one reason for faster productivity growth, an unexplored implication is that the volatility of employment and income may be higher where businesses are smaller the ‘turnover hypothesis’. Conversely, heterogeneity among decision-makers due to