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Estimating Job Destruction Costs with Heterogeneous Firms

This paper studies the dynamics of labor demand at the firm level and develops an estimation method to provide a quantitative evaluation of adjustment costs on the French labor market. The model endogenously account account for di!erent scale of operations that come from heterogeneous initial conditions and from permanent shocks. Structural parameters are allowed to be heterogenous across firms by considering a finite number of types. The empirical strategy combines a simulated minimum distance estimator with the EM Algorithm to estimate the structural parameters. A general equilibrium analysis of job destruction costs is provided based on structural parameters estimate.