jumps. Employment is unchanged in response to small demand shocks, but moves instantaneously to a new long-run equilibrium … listing of job vacancies, all of which change the cost of adjusting employment …

The theory of the dynamics of labor demand is based either on the costs of adjusting the level of employment or on the … costs of hiring or firing (of gross changes in employment). We write down a generalized cost of adjustment function that … - maximizing path of employment demand and the Euler equation whose parameters we estimate. Identifying the two types of costs …

relative labor-demand equations. The results demonstrate the existence of substitution of employment across times of the day …

of adjustment. Using quarterly data on the employment of mechanics at seven airlines, it finds that both types of … adjustment costs characterize the dynamic constraints facing employers. Using monthly data covering production-worker employment …

, and use these measures in reestimating some simple equations relating the relative employment of youths and adults to the …, first by adding the relative wages of youths and adults to the equation describing their relative employment, and then by … specifying a complete system of demand equations for these two types of labor. Teen employment responds quite robustly to changes …