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The Hiring Function Reconsidered: On Closing the Circle

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Author Info

  • Mumford, Karen
  • Smith, Peter N

Abstract

This paper is concerned with the matching of job searchers with vacant jobs: a key component of the dynamics of worker reallocation in the labour market. The job searchers may be unemployed, employed or not in the labour force and we estimate matching or hiring functions including all three groups. We show that previous studies, which ignore both employed job seekers and unemployed job seekers who are considered to be out of the labour force, produce biased estimates of the coefficients of interest. By considering the only unemployment outflows into jobs and ignorant interdependencies with other flows, these studies overlook an important aspect of job matching. Our estimates on Australian data support a more general approach and produce models that dominate those proposed previously. We also provide clear ranking preferences amongst job seekers in the hiring process: those already in jobs are more successful than the unemployed who are, in turn, more successful than those not in the labour force. Together these results demonstrate that the disaggregate worker flows and their interdependence are key features of the labour market and should be included in studies of the hiring process.

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Bibliographic Info

Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 61 (1999)
Issue (Month): 3 (August)
Pages: 343-64

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Handle: RePEc:bla:obuest:v:61:y:1999:i:3:p:343-64

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References

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  1. Broersma, L., 1993. "A model of competition between unemployed and employed job searchers," Serie Research Memoranda 0074, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  2. Steven J. Davis & John C. Haltiwanger & Scott Schuh, 1998. "Job Creation and Destruction," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262540932, December.
  3. Bewley, R. A., 1979. "The direct estimation of the equilibrium response in a linear dynamic model," Economics Letters, Elsevier, vol. 3(4), pages 357-361.
  4. Russell Davidson & James G. MacKinnon, 1981. "Tests for Model Specification in the Presence of Alternative Hypotheses: Some Further Results," Working Papers 430, Queen's University, Department of Economics.
  5. van Ours, Jan C., 1995. "An empirical note on employed and unemployed job search," Economics Letters, Elsevier, vol. 49(4), pages 447-452, October.
  6. Pesaran, B. & Pesaran, M.H., 1992. "A Non-Nested Test of Level-Differenced versus Log-Differenced Stationary Models," Cambridge Working Papers in Economics 9222, Faculty of Economics, University of Cambridge.
  7. Narendranathan, W & Nickell, S & Stern, J, 1985. "Unemployment Benefits Revisited," Economic Journal, Royal Economic Society, vol. 95(378), pages 307-29, June.
  8. Budd, Alan & Levine, Paul & Smith, Peter, 1988. "Unemployment, Vacancies and the Long-term Unemployed," Economic Journal, Royal Economic Society, vol. 98(393), pages 1071-91, December.
  9. Abowd, John M & Zellner, Arnold, 1985. "Estimating Gross Labor-Force Flows," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(3), pages 254-83, June.
  10. Burda, Michael C & Wyplosz, Charles, 1993. "Gross Worker and Job Flows in Europe," CEPR Discussion Papers 868, C.E.P.R. Discussion Papers.
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