A new paper “The Volatility Advantages of Large Labor Markets” with @IsabelleMejean, @TomKMichalski and Benoit Schmutz https://t.co/tmYQdijhsL A thread below

The volatility dimension of density has been under-explored. It offers many new interesting avenues for further research. For example, new explanations for why larger and productive cities could at the same time have high unemployment rates. More in our paper!

We then estimate a firm location choice model using French data and show that (i) firm volatility is almost as predictive of location choice as productivity; (ii) both dimensions reinforce each other.

We propose a model in which faster hiring conditions attract productive and volatile firms to denser locations, where they can swiftly downsize or expand. Imperfectly correlated firm-level shocks, and higher operating costs induced by density, generate matching economies.

Productivity, volatility and density are related. In particular, the productivity-density gradient is flatter for more volatile firms.

We uncover new empirical facts. First, firms labor demand is more volatile in denser areas (larger cities). This mirrors similar findings known about the association of productivity and density.

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