Chen, Yu-Fu; Snower, Dennis J.; Gylfi, Zoega - 1999
and the trend rate of productivity growth is small, a rise in firing costs affects mainly the hiring decision. Thus there … growth is large, firing costs affect mainly the firing decision. Then, as a result, average employment is increased. Our … first two decades following World War II - when large supply shocks were absent and the average rate of growth was high …