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Structural change in the job matching process in the United States, 1923–1932

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  • Woong Lee
  • Yeo Joon Yoon

Abstract

This paper explores the structural change in the job matching process in the United States from 1923 to 1932. Bai–Perron test is employed with data from public employment offices. The result shows that there are two structural changes, July 1928 and August 1930. The first breakpoint corresponds to approximately a year before the stock market crash, implying that there was a sign of downturn in the labor market when the economy was still in a period of expansion. The second break point is related to the Great Contraction when the entire economy was going in a downward spiral.

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  • Woong Lee & Yeo Joon Yoon, 2022. "Structural change in the job matching process in the United States, 1923–1932," European Review of Economic History, European Historical Economics Society, vol. 26(1), pages 107-123.
    • Handle: RePEc:oup:ereveh:v:26:y:2022:i:1:p:107-123.
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    File URL: http://hdl.handle.net/10.1093/ereh/heab004
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    Cited by:

    1. Haelim Anderson & Jin-Wook Chang, 2022. "Labor Market Tightness during WWI and the Postwar Recession of 1920-1921," Finance and Economics Discussion Series 2022-049, Board of Governors of the Federal Reserve System (U.S.).

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