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Matching workers with jobs:how well is the New Zealand labour market doing?

Since the trough of the 2008/09 recession, the unemployment rate has remained high. However, some other indicators suggest that there might be less downward pressure on wage and price inflation than the unemployment rate alone implies. We explore this apparent discrepancy by looking at the relationship between vacancies and the number of people unemployed (the Beveridge curve) and by estimating a measure of the effectiveness of the labour market at matching unemployed workers with vacancies. We suggest that both the Canterbury earthquakes and international migration flows may have contributed to an apparent decline in the matching efficiency in the labour market.

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File URL: http://www.rbnz.govt.nz/research_and_publications/reserve_bank_bulletin/2012/2012Dec75_4cgg.pdf
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Article provided by Reserve Bank of New Zealand in its journal Reserve Bank of New Zealand Bulletin.

Volume (Year): 75 (2012)
Issue (Month): (December)
Pages: 3-12

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Handle: RePEc:nzb:nzbbul:dec2012:01
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  1. Richard Dutu & Mark J. Holmes & Brian Silverstone, 2009. "Modelling a Regime-Shifting New Zealand Beveridge Curve," Working Papers in Economics 09/13, University of Waikato, Department of Economics.
  2. Francesco Furlanetto & Nicolas Groshenny, 2013. "Mismatch shocks and unemployment during the Great Recession," Working Paper 2013/16, Norges Bank.
  3. Francesco Furlanetto & Nicolas Groshenny, 2012. "Matching efficiency and business cycle fluctuations," CAMA Working Papers 2012-34, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  4. Michael W. L. Elsby & Bart Hobijn & Aysegul Sahin, 2010. "The Labor Market in the Great Recession," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 41(1 (Spring), pages 1-69.
  5. 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.
  6. Miles Parker & Daan Steenkamp, 2012. "The economic impact of the Canterbury earthquakes," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 75, pages 13-25, September.
  7. Robert Shimer, 2005. "The Cyclical Behavior of Equilibrium Unemployment and Vacancies," American Economic Review, American Economic Association, vol. 95(1), pages 25-49, March.
  8. Francesco Furlanett & Nicolas Groshenny, 2012. "Matching efficiency and business cycle fluctuations," Reserve Bank of New Zealand Discussion Paper Series DP2012/06, Reserve Bank of New Zealand.
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