Building a composite Help-Wanted Index

Barnichon, Régis

doi:10.1016/j.econlet.2010.08.029

“…Finally, to set the matching function parameters ν and γ, we follow Diamond and Sahin (2014) and construct a measure of the monthly job-finding rate for the period 1977-85 as the sum of E-E, U-E and N-E transition rates from the CPS. This series is then regressed (in logs) on a constant and the market tightness series constructed in Barnichon (2010). We obtain an estimate of 0.77 for ν and 0.25 for γ.…”

Section: Functional Formsmentioning

confidence: 99%

Population Aging, Migration Spillovers, and the Decline in Interstate Migration

Karahan

¹

,

Rhee

²

2014

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractInterstate migration in the United States has declined by 50 percent since the mid-1980s. This paper studies the role of the aging population in this long-run decline. We argue that demographic changes trigger a general equilibrium effect in the labor market, which affects the migration rate of all workers. We document that an increase in the share of middle-aged workers (those ages 40 to 60) in the working-age population in one state causes a large fall in the migration rate of all workers in that state, regardless of their age. To understand this finding, we develop an equilibrium search model of many locations populated by workers whose moving costs differ. Firms prefer hiring local workers with high moving costs as they command lower wages due to their lower outside option. An increase in the share of middle-aged workers causes firms to recruit more from the local labor market instead of hiring from other locations, which increases the local job-finding rate and reduces everyone's migration rate ("migration spillovers"). Our model reproduces remarkably well several cross-sectional facts between population flows and the age structure of the labor force. Our quantitative analysis suggests that population aging accounts for about half of the observed decline, of which 75 percent is attributable to the general equilibrium effect.

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“…For instance, skill or geographical mismatch (as discussed by Şahin, Song, Topa, andViolante (2011) andSterk (2011)), a reduction in the recruiting intensity with which firms try to fill posted vacancies (see Davis, Faberman, and Haltiwanger (2012)), a reduction in the search intensity of unemployed workers, due to the extended unemployment benefit programs (see Kuang and Valletta (2010)), or changes in the composition of the unemployment pool or in demographics (see Barnichon andFigura (2011, 2012)). Finally, matching efficiency shocks could capture an increase in separations standard hours with no immediate payment, as long as hours are reduced in compensation over a time window in the future with no correspondent cut in pay (see Burda and Hunt (2011)).…”

Section: Unemploymentmentioning

confidence: 99%

Structural and Cyclical Forces in the Labor Market during the Great Recession: Cross-Country Evidence

Sala

¹

,

Söderström

²

,

Trigari

³

2013

NBER International Seminar on Macroeconomics

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“…Quarterly series on the number of unemployed come from the Bureau of Labor Statistics (BLS). The number of vacancies is taken from the Job Openings and Labor Turnover Survey (JOLTS) series built by the BLS combined with the composite Help-Wanted Index of Barnichon (2010). Based on the Flow of Funds Accounts of the Federal Reserve Board and the BLS data, we compute labor share, labor productivity and real wages series in the same way as for France.…”

Section: Discussionmentioning

confidence: 99%

Land collateral and labor market dynamics in France

Kaas

¹

,

Pintus

²

,

Ray

³

2016

European Economic Review

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The value of land in the balance sheet of French firms correlates positively with their hiring and investment flows. To explore the relationship between these variables, we develop a macroeconomic model with firms that are subject to both credit and labor market frictions. The value of collateral is driven by the forward-looking dynamics of the land price, which reacts endogenously to fundamental and non-fundamental (sunspot) shocks. We calibrate the model to French data and find that land price shocks give rise to significant amplification and hump-shaped responses of investment, vacancies and unemployment that are in line with the data. Terms of use: Documents in EconStor mayJEL-Code: E240, E320, E440.

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Building a composite Help-Wanted Index

Cited by 319 publications

References 3 publications

Population Aging, Migration Spillovers, and the Decline in Interstate Migration

Population Aging, Migration Spillovers, and the Decline in Interstate Migration

Structural and Cyclical Forces in the Labor Market during the Great Recession: Cross-Country Evidence

Land collateral and labor market dynamics in France

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