Improving estimates of job matching efficiency with different measures of unemployment |
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Affiliation: | 1. Institut national d’études démographiques, and École des hautes études en sciences sociales, France;2. Université d’Aix-Marseille (Aix-Marseille School of Economics), Cnrs and Ehess, France;1. School of Business, Macau University of Science and Technology, Avenida Wai Long Taipa, Macau, China;2. School of Economics, Singapore Management University, 90 Stamford Road, Singapore 178903, Singapore |
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Abstract: | Traditional measures of unemployment can mask important changes in the labor market across time. We therefore use broader definitions of unemployment to estimate time-varying job-matching efficiency rates that are consistent with vacancies and hiring activity data for the U.S. Our efficiency rates are then modelled along with employment data to study their dynamic, non-linear relationship. We find that including marginally attached workers and part-time workers for economic reasons helps explain the changes in employment patterns observed after the global financial crisis. This finding emphasizes the importance of accounting for labor underutilization, particularly during the latest economic recovery. |
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Keywords: | Beveridge curve u6 unemployment Job matching efficiency MGARCH model Dynamic correlations labor underutilization |
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