We analyze the joint dynamics of prices, productivity, and employment across firms, building a dynamic equilibrium model of heterogeneous firms who compete for workers and customers in frictional labor and product markets. Using panel data on prices and output for German manufacturing firms, the model is calibrated to evaluate the quantitative contributions of productivity and demand for the labor market. Product market frictions decisively dampen the firms' employment adjustments to productivity shocks. We further analyze the impact of aggregate shocks to the first and second moments of productivity and demand and relate them to business-cycle features in our data.

中文翻译：

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具有摩擦性产品和劳动力市场的公司动态

我们分析了公司之间的价格、生产率和就业的联合动态，构建了在摩擦性劳动力和产品市场中争夺工人和客户的异质公司的动态均衡模型。使用德国制造企业的价格和产出面板数据，校准模型以评估生产力和劳动力市场需求的定量贡献。产品市场摩擦决定性地抑制了企业对生产率冲击的就业调整。我们进一步分析了总体冲击对生产力和需求的第一和第二时刻的影响，并将它们与我们数据中的商业周期特征联系起来。