We analyze how labor flows respond to idiosyncratic shifts in firm-level production functions and demand curves using very detailed Swedish micro data. Shocks to firms’physical productivity have only modest effects on firm-level employment decisions. In contrast, we document rapid and substantial employment adjustments through both hires and separations in response to firm-level demand shocks. The choice of adjustment margin depends on the sign of the shock: Firms adjust through increased hires if these shocks are positive and through increased separations if the shocks are negative.

中文翻译：

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公司层面的冲击和劳动力流动*

我们使用非常详细的瑞典微观数据来分析劳动力流动如何对公司层面生产函数和需求曲线的特殊变化做出反应。对公司实体生产力的冲击对公司层面的就业决策的影响不大。相比之下，我们记录了通过招聘和离职来应对公司层面需求冲击的快速而实质性的就业调整。调整边际的选择取决于冲击的迹象：如果这些冲击是积极的，公司通过增加雇员进行调整，如果冲击是消极的，则通过增加离职进行调整。