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

  • Gaure, Simen

    ()

    (Ragnar Frisch Centre for Economic Research)

  • Røed, Knut

    ()

    (Ragnar Frisch Centre for Economic Research)

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File URL: http://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2003/Memo-09-2003.pdf
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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
Web page: http://www.oekonomi.uio.no/indexe.html
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  1. Abbring, J.H. & Berg, G.J. & Ours, J.C., 1994. "The anatomy of unemployment dynamics," Serie Research Memoranda 0024, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  2. Arellano, Manuel & Bentolila, Samuel & Bover, Olympia, 1998. "Unemployment Duration, Benefit Duration and the Business Cycle," CEPR Discussion Papers 1840, C.E.P.R. Discussion Papers.
  3. Abbring, J.H. & van den Berg, G. & van Ours, J.C., 1999. "The Anatomy of Unemployment Dynamics," Discussion Paper 1999-81, Tilburg University, Center for Economic Research.
  4. An, Mark Yuying, 1998. "Logconcavity versus Logconvexity: A Complete Characterization," Journal of Economic Theory, Elsevier, vol. 80(2), pages 350-369, June.
  5. Abbring, J.H. & van den Berg, G. & van Ours, J.C., 2002. "The anatomy of unemployment dynamics," Other publications TiSEM 539d10a7-be00-4a8e-9c9c-9, Tilburg University, School of Economics and Management.
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