This tag is associated with 6 posts

Beveridge Curve “Shift” in US – There is no shift to begin with says Federal Reserve Bank of Cleveland

Observers have followed the Beveridge curve during the recession and the recovery to glean some insight into potential structural changes in the labor market. Whether or not a shift implies an actual structural change—specifically, a decline in the matching efficiency of the labor market—is still debatable. However, one thing is clear: there is no shift … Continue reading

The Beveridge Curve in US – A worsening

Real Time Economics has been tracking the progression of the Beveridge Curve, named after the economist William Henry Beveridge, that tracks the relationship between the job openings rate and the unemployment rate. With so many jobs available, more people ought to be finding their way to work. An openings rate above 3% has historically meant … Continue reading

US / Job openings and unemployment are both worsening

When an economy is humming, there are lots of job openings and low unemployment. When the economy is malfunctioning, there are few openings and unemployment is high. The regular relationship between job openings and unemployment is called the Beveridge Curve. If the curve shifts outward it means that a given level of job openings is associated … Continue reading

It’s not a skill mismatch: Disaggregate evidence on the US unemployment-vacancy relationship

US unemployment seems stuck at an unusually high level of 8%, prompting some to suggest a widespread skills mismatch. This column argues that a skills mismatch is not supported by the evidence. Rather, out of the possible explanations, it seems that any shift in the ratio between unemployment and vacancies is driven by either lower … Continue reading

Evidences suggests that structural unemployment is worsening in many countries

Since the onset of the Great Recession, there has been a change in the relationship between the unemployment rate and vacancy rate in the U.S.” write Bart Hobijn and Aysegul Sahin in Beveridge Curve Shifts across Countries since the Great Recession on (Choosen excerpts by JMM to follow) This relationship, summarized by the Beveridgecurve, was remarkably … Continue reading

Mismatch shocks and the natural rate of unemployment

The authors estimate a DSGE model that features nominal rigidities and search frictions in the labor market. They evaluate the importance of mismatch shocks in accounting for the recent behavior of the Beveridge curve. Their fndings suggest that the rise in the unemployment rate during the Great Recession is mainly due to cyclical factors rather than to an increase in … Continue reading

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