Agency Business Cycles
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We propose a new business cycle theory. Firms need to randomize over firing or keeping workers who have performed poorly in the past, in order to give them an ex-ante incentive to exert effort. Firms have an incentive to coordinate the outcome of their randomizations, as coordination allows them to
我们提出了一种全新的商业周期理论。企业需对解雇抑或留用过往表现欠佳的员工开展随机化决策，以此为员工提供事前付出努力的激励。企业具备协调其随机化决策结果的动机，因为协调可使其
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美国国家经济研究局创建时间：
2015-11-01
