The authors develop a Shumpeterian theory of business cycles that relates job creation, job destruction and wages over the cycle to the processes of firm restructuring, innovation and implementation that drive long-run growth. Findings reveal that job destruction and firm turnover are counter-cyclical, but labour productivity growth and job creation are pro-cyclical.
Link
http://www.econ.queensu.ca/working_papers/papers/qed_wp_1039.pdf