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Random or Non-Random matching? Implications for the use of the UV 234 curve as a measure of matching effectiveness

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  • Paul Gregg
  • Barbara Petrongolo

Abstract

The instability of the Beveridge curve in Britain since the mid-50s has been interpreted as revealing a detioration of labour market effectiveness in matching vacancies to unemployed job-seekers. This paper repeats the stability analysis of the matching technology, having relaxed some of the restrictions generally imposed in deriving a Beveridge curve. We explore the robustness of the curve under an essentially continuous-time non-random matching technology. The non-random nature of the matching process is derived from a theoretical standpoint of stock/flow matching technology that excludes interactions between the existing stocks of unmatched unemployed and vacancies. The empirical analysis based on this premise leads to a re-thinking of standard conclusions on matching effectiveness.

Suggested Citation

  • Paul Gregg & Barbara Petrongolo, 1997. "Random or Non-Random matching? Implications for the use of the UV 234 curve as a measure of matching effectiveness," CEP Discussion Papers dp0348, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepdps:dp0348
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    Citations

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    Cited by:

    1. Aki Kangasharju & Jaakko Pehkonen & Sari Pekkala, 2003. "Matching in thin labour markets: panel data evidence from Finland, 1991-2002," ERSA conference papers ersa03p208, European Regional Science Association.
    2. Alan Manning, 1999. "Pretty Vacant: Recruitment in Low Wage Labour Markets," CEP Discussion Papers dp0418, Centre for Economic Performance, LSE.
    3. Christopher A. Pissarides & Barbara Petrongolo, 2001. "Looking into the Black Box: A Survey of the Matching Function," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 390-431, June.
    4. Burgess, Simon & Profit, Stefan, 2001. "Externalities in the matching of workers and firms in ritain," Labour Economics, Elsevier, vol. 8(3), pages 313-333, June.
    5. Paul Frijters & Bas van der Klaauw, 2006. "Job Search with Nonparticipation," Economic Journal, Royal Economic Society, vol. 116(508), pages 45-83, January.
    6. M Andrews & S Bradley & D Stott & R Upward, 2003. "Why do Job-Seeker and Vacancy Hazards Slope Downwards? Estimating a Two-Sided Search Model of the Labour Market," Economics Discussion Paper Series 0320, Economics, The University of Manchester.
    7. Howard J. Wall & Gylfi Zoega, 2002. "The British Beveridge curve: A tale of ten regions," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 64(3), pages 257-276, July.
    8. Peter Diamond, 2013. "Cyclical Unemployment, Structural Unemployment," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 61(3), pages 410-455, August.
    9. Cobb-Clark, Deborah A. & Frijters, Paul & Kalb, Guyonne, 2004. "Do You Need a Job to Find a Job?," IZA Discussion Papers 1211, Institute of Labor Economics (IZA).
    10. repec:eee:labchp:v:3:y:1999:i:pc:p:3085-3139 is not listed on IDEAS
    11. Coles, Melvyn G & Petrongolo, Barbara, 2002. "A Test Between Unemployment Theories Using Matching Data," CEPR Discussion Papers 3241, C.E.P.R. Discussion Papers.
    12. Upward, Richard & Martyn Andrews & Steve Bradley & Dave Stott, 2003. "Testing theories of labour market matching," Royal Economic Society Annual Conference 2003 209, Royal Economic Society.
    13. Matthew Elliott, 2010. "Search with Multilateral Bargaining," 2010 Meeting Papers 1316, Society for Economic Dynamics.
    14. Michael T. Owyang & Hannah Shell & Daniel Soques, 2022. "The Evolution of Regional Beveridge Curves," Working Papers 2022-037, Federal Reserve Bank of St. Louis.
    15. Eric Smith & Carlos Carrillo Tudela, 2007. "Wage Dispersion and Wage Dynamics Within and Across Firms," 2007 Meeting Papers 615, Society for Economic Dynamics.
    16. Gregg, Paul & Petrongolo, Barbara, 2005. "Stock-flow matching and the performance of the labor market," European Economic Review, Elsevier, vol. 49(8), pages 1987-2011, November.
    17. Kenjiro Hori, 2005. "Job Matching with Multiple-Hiring Firms and Heterogeneous Workers: A Microfoundation," Birkbeck Working Papers in Economics and Finance 0514, Birkbeck, Department of Economics, Mathematics & Statistics.
    18. Stefan Profit & Stefan Sperlich, 2004. "Non-uniformity of job-matching in a transition economy - A nonparametric analysis for the Czech Republic," Applied Economics, Taylor & Francis Journals, vol. 36(7), pages 695-714.
    19. Jorge Lopez Tamayo & Jordi Surinach Caralt, 1999. "El desempleo espanol: factores estructurales," Working Papers in Economics 53, Universitat de Barcelona. Espai de Recerca en Economia.
    20. Peter Rodenburg, 2007. "The Remarkable Place of the UV-Curve in Economic Theory," Tinbergen Institute Discussion Papers 07-088/1, Tinbergen Institute.
    21. Cobb-Clark, Deborah A. & Frijters, Paul & Kalb, Guyonne, 2004. "Do You Need a Job to Find a Job?," IZA Discussion Papers 1211, Institute for the Study of Labor (IZA).

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