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Random or Non-Random matching? Implications for the use of the UV 234 curve as a measure of matching effectiveness

Author

Listed:
  • Paul Gregg
  • Barbara Petrongolo

Abstract

The instability of the Beveridge curve in Britain since the mid-50s has been interpreted as revealing a detioration of labour market effectiveness in matching vacancies to unemployed job-seekers. This paper repeats the stability analysis of the matching technology, having relaxed some of the restrictions generally imposed in deriving a Beveridge curve. We explore the robustness of the curve under an essentially continuous-time non-random matching technology. The non-random nature of the matching process is derived from a theoretical standpoint of stock/flow matching technology that excludes interactions between the existing stocks of unmatched unemployed and vacancies. The empirical analysis based on this premise leads to a re-thinking of standard conclusions on matching effectiveness.

Suggested Citation

  • Paul Gregg & Barbara Petrongolo, 1997. "Random or Non-Random matching? Implications for the use of the UV 234 curve as a measure of matching effectiveness," CEP Discussion Papers dp0348, Centre for Economic Performance, LSE.
  • Handle: RePEc:cep:cepdps:dp0348
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    Citations

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    Cited by:

    1. Stefan Profit & Stefan Sperlich, 2004. "Non-uniformity of job-matching in a transition economy - A nonparametric analysis for the Czech Republic," Applied Economics, Taylor & Francis Journals, vol. 36(7), pages 695-714.
    2. Manning, Alan, 2000. " Pretty Vacant: Recruitment in Low-Wage Labour Markets," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 62(0), pages 747-770, Special I.
    3. 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.
    4. Burgess, Simon & Profit, Stefan, 2001. "Externalities in the matching of workers and firms in ritain," Labour Economics, Elsevier, vol. 8(3), pages 313-333, June.
    5. M Andrews & S Bradley & D Stott & R Upward, 2003. "Why do Job-Seeker and Vacancy Hazards Slope Downwards? Estimating a Two-Sided Search Model of the Labour Market," The School of Economics Discussion Paper Series 0320, Economics, The University of Manchester.
    6. M Andrews & S Bradley & D Stott & R Upward, 2003. "Testing Theories of Labour Market Matching," The School of Economics Discussion Paper Series 0318, Economics, The University of Manchester.
    7. Peter Rodenburg, 2007. "The Remarkable Place of the UV-Curve in Economic Theory," Tinbergen Institute Discussion Papers 07-088/1, Tinbergen Institute.
    8. repec:eee:labchp:v:3:y:1999:i:pc:p:3085-3139 is not listed on IDEAS
    9. Matthew Elliott, 2010. "Search with Multilateral Bargaining," 2010 Meeting Papers 1316, Society for Economic Dynamics.
    10. Gregg, Paul & Petrongolo, Barbara, 2005. "Stock-flow matching and the performance of the labor market," European Economic Review, Elsevier, vol. 49(8), pages 1987-2011, November.

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