Re-employment Probabilities and Returns to Matching
AbstractThe assumption of constant returns in the matching function, embodied in most bilateral search models, is crucial to ensure the uniqueness of the unemployment rate along a steady state growth path. This paper explores whether this is an acceptable assumption by estimating individual re-employment probabilities on a sample of entrants into unemployment. This is done by applying hazard models to survey data on both completed and uncompleted unemployment durations. The hypothesis of constant returns to matching is not rejected, on the basis of the evidence that the job-finding hazard only depends on local labour market tightness, and it is independent of its size.
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Bibliographic InfoPaper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0406.
Date of creation: Sep 1998
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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP
Other versions of this item:
- Petrongolo, Barbara, 2001. "Reemployment Probabilities and Returns to Matching," Journal of Labor Economics, University of Chicago Press, vol. 19(3), pages 716-41, July.
- Petrongolo, Barbara, 1999. "Re-Employment Probabilities and Returns to Matching," CEPR Discussion Papers 2266, C.E.P.R. Discussion Papers.
- J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
- J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
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