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Unemployment and Vacancies

Author

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  • Farm, Ante

    () (Swedish Institute for Social Research, Stockholm University)

Abstract

How can vacancy statistics be used to measure friction in job matching and the effects of friction on unemployment? First, measure deviations from instantaneous hirings by the average duration of recruitment as measured by the number of job vacancies divided by the number of hirings per month. Second, measure direct effects of recruitment times on employment by measuring unfilled jobs, defined as unoccupied job vacancies which are available immediately. Third, measure indirect effects of recruitment times on employment by estimating first the effect of recruitment times on product prices and then the effect of a price change on sales, production and employment. Fourth, measure ‘search ineffectiveness’ with potential effects on the NAIRU by the rate of unfilled jobs.

Suggested Citation

  • Farm, Ante, 2009. "Unemployment and Vacancies," Working Paper Series 8/2009, Stockholm University, Swedish Institute for Social Research.
  • Handle: RePEc:hhs:sofiwp:2009_008
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    File URL: http://www.sofi.su.se/content/1/c6/03/09/74/WP09no8.pdf
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    More about this item

    Keywords

    Unemployment; vacancies; matching function; labour demand; friction;

    JEL classification:

    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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