The Recent Evolution of the U.S. Beveridge Curve: Evidence from the ARDL Approach
Journal Title: Review of Economics & Finance - Year 2016, Vol 6, Issue 3
Abstract
Using a search and match model of employment, and labor market data from 2000 to the present, this paper provides updated empirical evidence of the U.S. Beveridge Curve – an inverse unemployment-vacancy (UV) relationship - for the periods before and after the 2007-2009 recession. Using Job Openings and Labor Turnover Survey (JOLTS) data and an enhanced econometric technique - the autoregressive distributed lag (ARDL) approach, our results confirm the existence of the Beveridge Curve for the U.S.. We also find empirical evidence of a rightward shift in the U.S. Beveridge Curve following the Great Recession, potentially indicating increases in labor market mismatch or structural frictions in the U.S. labor market.
Authors and Affiliations
Richard Raines, Jungho Baek
Keywords
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