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How Tight is the Labour Market? A Micro-Based Macro Indicator

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Author Info

  • Gaure, Simen

    ()
    (Ragnar Frisch Centre for Economic Research)

  • Røed, Knut

    ()
    (Ragnar Frisch Centre for Economic Research)

Abstract

We develop a new indicator of labour market tightness, based on the pure calendar time changes in individuals’ transition rates from unemployment to employment.Based on Norwegian register data from the 1989-2002 period, we show that this indicator,in contrast to the aggregate rate of unemployment, correlates well with an expost-calculated GDP-based business cycle indicator, even around the time of business cycle turning points. The indicator can be calculated just as quickly as the unemployment rate, both at an aggregate and a disaggregate level, and hence improve policy makers ability to assess current labour market developments.

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File URL: http://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2003/Memo-09-2003.pdf
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Bibliographic Info

Paper provided by Oslo University, Department of Economics in its series Memorandum with number 09/2003.

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Length: 34 pages
Date of creation: 04 Mar 2003
Date of revision:
Handle: RePEc:hhs:osloec:2003_009

Contact details of provider:
Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
Email:
Web page: http://www.oekonomi.uio.no/indexe.html
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Related research

Keywords: Labour market tightness; Business cycles; Unemployment;

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References

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  1. Abbring, Jaap H. & van den Berg, Gerard J. & van Ours, Jan C., 2002. "The anatomy of unemployment dynamics," European Economic Review, Elsevier, vol. 46(10), pages 1785-1824, December.
  2. Olympia Bover & Manuel Arellano & Samuel Bentolila, 2002. "Unemployment Duration, Benefit Duration and the Business Cycle," Economic Journal, Royal Economic Society, vol. 112(479), pages 223-265, April.
  3. An, Mark Yuying, 1995. "Logconcavity versus Logconvexity: A Complete Characterization," Working Papers 95-03, Duke University, Department of Economics.
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Citations

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Cited by:
  1. Carlsen, Fredrik & Johansen, Kare, 2005. "Regional wages and subjective measures of employment opportunities," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(3), pages 377-400, May.
  2. Nordberg, Morten & Kverndokk, Snorre, 2009. "Absenteeism, Health Insurance, and Business Cycles," HERO On line Working Paper Series 2003:17, Oslo University, Health Economics Research Programme.
  3. Gaure, Simen & Røed, Knut & Zhang, Tao, 2005. "Time and Causality: A Monte Carlo Assessment of the Timing-of-Events Approach," Memorandum 19/2005, Oslo University, Department of Economics.
  4. Zhang, Tao, 2003. "A Monte Carlo study on non-parametric estimation of duration models with unobserved heterogeneity," Memorandum 25/2003, Oslo University, Department of Economics.
  5. Ekhaugen, Tyra, 2007. "Long-term Outcomes of Vocational Rehabilitation Programs: Labor Market Transitions and Job Durations for Immigrants," Memorandum 10/2007, Oslo University, Department of Economics.
  6. Røed, Knut & Westlie, Lars, 2007. "Unemployment Insurance in Welfare States: Soft Constraints and Mild Sanctions," Memorandum 13/2007, Oslo University, Department of Economics.
  7. Kåre Johansen & Fredrik Carlsen & Knut Røed, . "Wage Formation, Regional Migration and Local Labour Market Tightness," Working Paper Series 2903, Department of Economics, Norwegian University of Science and Technology, revised 14 Feb 2003.

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