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Beveridgean Unemployment Gap

Author: Pascal Michaillat; Emmanuel Saez
Publisher: Cambridge, MA National Bureau of Economic Research 2019
Series: NBER working paper series, 26474
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper measures the unemployment gap (the difference between actual and efficient unemployment rates) using the Beveridge curve (the negative relationship between unemployment and job vacancies). We express the unemployment gap as a function of current unemployment and vacancy rates, and three sufficient statistics: elasticity of the Beveridge curve, recruiting cost, and nonpecuniary value of unemployment. In  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Pascal Michaillat; Emmanuel Saez
OCLC Number: 1128857795
Description: 1 Online-Ressource.
Series Title: NBER working paper series, 26474
Responsibility: Pascal Michaillat, Emmanuel Saez.

Abstract:

This paper measures the unemployment gap (the difference between actual and efficient unemployment rates) using the Beveridge curve (the negative relationship between unemployment and job vacancies). We express the unemployment gap as a function of current unemployment and vacancy rates, and three sufficient statistics: elasticity of the Beveridge curve, recruiting cost, and nonpecuniary value of unemployment. In the United States, we find that the efficient unemployment rate started around 3% in the 1950s, steadily climbed to almost 6% in the 1980s, fell just below 4% in the early 1990s, and remained at that level until 2019. These variations are caused by changes in the level and elasticity of the Beveridge curve. Hence, the US unemployment gap is almost always positive and highly countercyclical-indicating that the labor market tends to be inefficiently slack, especially in slumps.

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