Remarks by Michael H. Moskow President and Chief Executive Officer Federal Reserve Bank of Chicago. University Club of Chicago - Learn at Lunch Lecture - 76 E. Monroe St., Chicago, IL. A speech delivered on February 16, 2007 in Chicago, Illinois.

"This paper evaluates to what extent the introduction of firing costs can affect the aggregate dynamics of a neoclassical growth model with hetrogeneous establishments. Similarly to the previous literature, firing costs are found to have large steady- state effcts. However, they have no...