Klinger, Sabine and Weber, Enzo (2016) Decomposing Beveridge Curve Dynamics By Correlated Unobserved Components. OXFORD BULLETIN OF ECONOMICS AND STATISTICS, 78 (6). pp. 877-894. ISSN 0305-9049, 1468-0084
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Our paper provides a consistent framework to study the structural or cyclical nature of Beveridge curve (BC) dynamics: We connect equilibrium unemployment theory to a flexible multivariate unobserved components model. We disentangle permanent and transitory components of all series determining the BC and its position. Cointegration and identification are addressed. The German curve is an ideal illustration as reforms of the institutional setting and the Great Recession were accompanied by a remarkable labour market development. We find an extraordinary increase in trend matching efficiency after the reforms, which testifies to a permanent improvement. Matching efficiency accounts for about half of the BC inward shift. As tightness also increased, a persistent upward movement masked the inward shift.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | UNEMPLOYMENT COMPENSATION; CYCLICAL UNEMPLOYMENT; LABOR-MARKETS; JOB CREATION; NATURAL RATE; GERMANY; REFORMS; DESTRUCTION; VACANCIES; BEHAVIOR; |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Empirische Wirtschaftsforschung, insbesondere Makroökonomie und Arbeitsmarkt (Prof. Dr. Enzo Weber) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 12 Apr 2019 07:21 |
| Last Modified: | 12 Apr 2019 07:21 |
| URI: | https://pred.uni-regensburg.de/id/eprint/3918 |
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