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Revisiting the matching function

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  • Kohlbrecher, Britta
  • Merkl, Christian
  • Nordmeier, Daniela

Abstract

There is strong empirical evidence for Cobb–Douglas matching functions. We show in this paper that this widely found relation between matches on the one hand and unemployment and vacancies on the other hand can be the result of different underlying mechanisms. Obviously, it can be generated by assuming a Cobb–Douglas matching function. Less obvious, the same relationship results from a vacancy free-entry condition and idiosyncratic productivity shocks. A positive aggregate productivity shock leads to more vacancy posting, a shift of the idiosyncratic selection cutoff and thereby more hiring. We calibrate a model with both mechanisms to administrative German labor market data and show that idiosyncratic productivity for new contacts is an important driver of the elasticity of the job-finding rate with respect to the market tightness. Accounting for idiosyncratic productivity can explain the observed negative time trend in estimated matching efficiency and asymmetric business cycle responses to large aggregate shocks.

Suggested Citation

  • Kohlbrecher, Britta & Merkl, Christian & Nordmeier, Daniela, 2016. "Revisiting the matching function," Journal of Economic Dynamics and Control, Elsevier, vol. 69(C), pages 350-374.
  • Handle: RePEc:eee:dyncon:v:69:y:2016:i:c:p:350-374
    DOI: 10.1016/j.jedc.2016.05.018
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    1. Revisiting the Matching Function
      by Christian Zimmermann in NEP-DGE blog on 2014-12-04 20:24:35

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    Cited by:

    1. Russell Cooper, 2017. "The Employment and Output Effects of Short-Time Work in Germany," 2017 Meeting Papers 613, Society for Economic Dynamics.
    2. Kohlbrecher, Britta & Merkl, Christian, 2016. "Business Cycle Asymmetries and the Labor Market," IZA Discussion Papers 9816, Institute of Labor Economics (IZA).
    3. Francesco Zanetti & Konstantinos Theodoridis, 2018. "State Dependence in Labor Market Fluctuations: Evidence, Theory, and Policy Implications," Economics Series Working Papers 856, University of Oxford, Department of Economics.
    4. Kohlbrecher, Britta & Merkl, Christian & Nordmeier, Daniela, 2016. "Revisiting the matching function," Journal of Economic Dynamics and Control, Elsevier, vol. 69(C), pages 350-374.
    5. Merkl, Christian & Stüber, Heiko, 2016. "Wage cyclicalities and labor market dynamics at the establishment level: Theory and evidence," FAU Discussion Papers in Economics 12/2016, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics.
    6. Agnese, Pablo & Hromcová, Jana, 2016. "Low-skill offshoring and welfare compensation policies," Economic Modelling, Elsevier, vol. 52(PB), pages 408-426.
    7. Pizzinelli, Carlo & Speigner, Bradley, 2017. "Matching efficiency and labour market heterogeneity in the United Kingdom," Bank of England working papers 667, Bank of England.
    8. Gartner, Hermann & Carbonero, Francesco, 2017. "Search Cost and Search Duration for New Hires," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168141, Verein für Socialpolitik / German Economic Association.
    9. Lochner, Benjamin & Merkl, Christian & Stüber, Heiko & Gürtzgen, Nicole, 2021. "Recruiting intensity and hiring practices: Cross-sectional and time-series evidence," Labour Economics, Elsevier, vol. 68(C).
    10. Hochmuth, Brigitte & Kohlbrecher, Britta & Merkl, Christian & Gartner, Hermann, 2019. "Hartz IV and the Decline of German Unemployment: A Macroeconomic Evaluation," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203549, Verein für Socialpolitik / German Economic Association.
    11. Carrillo-Tudela, Carlos & Launov, Andrey & Robin, Jean-Marc, 2021. "The fall in german unemployment: A flow analysis," European Economic Review, Elsevier, vol. 132(C).
    12. Gehrke, Britta & Weber, Enzo, 2018. "Identifying asymmetric effects of labor market reforms," European Economic Review, Elsevier, vol. 110(C), pages 18-40.
    13. Hochmuth, Brigitte & Gartner, Hermann & Kohlbrecher, Britta & Merkl, Christian, 2016. "Labor selection over the business cycle: An empirical assessment," FAU Discussion Papers in Economics 02/2016, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics.
    14. Mangin, Sephorah, 2017. "A theory of production, matching, and distribution," Journal of Economic Theory, Elsevier, vol. 172(C), pages 376-409.
    15. Brown, Alessio J.G. & Kohlbrecher, Britta & Merkl, Christian & Snower, Dennis J., 2021. "The effects of productivity and benefits on unemployment: Breaking the link," Economic Modelling, Elsevier, vol. 94(C), pages 967-980.
    16. Carrillo-Tudela, Carlos & Launov, Andrey & Robin, Jean-Marc, 2021. "The fall in german unemployment: A flow analysis," European Economic Review, Elsevier, vol. 132(C).
    17. Lochner, Ben & Merkl, Christian & Stüber, Heiko & Gürtzgen, Nicole, 2019. "A note on recruiting intensity and hiring practices: Cross-sectional and time-series evidence," FAU Discussion Papers in Economics 04/2019, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics.
    18. Domenico Ferraro, 2018. "The Asymmetric Cyclical Behavior of the U.S. Labor Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 30, pages 145-162, October.
    19. Gartner, Hermann & Rothe, Thomas & Weber, Enzo, 2019. "The quality-weighted matching function: Did the German labour market reforms trade of efficiency against job quality?," IAB Discussion Paper 201924, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
    20. Wolfgang Dauth & Johann Eppelsheimer, 2020. "Preparing the sample of integrated labour market biographies (SIAB) for scientific analysis: a guide," Journal for Labour Market Research, Springer;Institute for Employment Research/ Institut für Arbeitsmarkt- und Berufsforschung (IAB), vol. 54(1), pages 1-14, December.
    21. Domenico Ferraro, 2018. "The Asymmetric Cyclical Behavior of the U.S. Labor Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 30, pages 145-162, October.

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    More about this item

    Keywords

    Matching function; Idiosyncratic productivity; Job creation; Vacancies; Time trend; Asymmetries;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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