Opening the Black Box of the Matching Function: The Power of Words

Marinescu, Ioana; Wolthoff, Ronald P.

doi:10.2139/ssrn.2612323

Cited by 15 publications

(17 citation statements)

References 7 publications

(11 reference statements)

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“…Our paper adds to a growing literature on the analysis of text in job vacancies. Marinescu and Wolthoff (2016) use job titles to explain more of the wage variance in US job vacancies in 2011 than SOC codes alone do. Deming and Kahn (2017) use job vacancy descriptions that have been processed into keywords to define general skills that have explanatory power for both pay and firm performance beyond the usual labour market classifications.…”

Section: Literaturementioning

confidence: 99%

Transforming Naturally Occurring Text Data Into Economic Statistics: The Case of Online Job Vacancy Postings

Turrell¹,

Speigner²,

Djumalieva³

et al. 2019

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Using a dataset of 15 million UK job adverts from a recruitment website, we construct new economic statistics measuring labour market demand. These data are 'naturally occurring', having originally been posted online by firms. They offer information on two dimensions of vacancies-region and occupationthat firm-based surveys do not usually, and cannot easily, collect. These data do not come with official classification labels so we develop an algorithm which maps the free form text of job descriptions into standard occupational classification codes. The created vacancy statistics give a plausible, granular picture of UK labour demand and permit the analysis of Beveridge curves and mismatch unemployment at the occupational level.

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Section: Literaturementioning

confidence: 99%

Transforming Naturally Occurring Text Data Into Economic Statistics: The Case of Online Job Vacancy Postings

Turrell¹,

Speigner²,

Djumalieva³

et al. 2019

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show abstract

“…They find that the regional rather than the occupational mismatch play a bigger role in explaining the productivity statistics. Using data from CareerBuilder.com, Marinescu and Wolthoff (2020) find that job titles explain over 90% of the wage variance. The Indeed data, featured in our paper, have been used in labor market research.…”

Section: Introductionmentioning

confidence: 99%

What COVID-19 May Leave Behind: Technology-Related Job Postings in Canada

Bellatin

Galassi

2022

SSRN Journal

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“…Marinescu and Wolthoff (2020) show that the relationship between wages and applications is more complex when more general patterns of heterogeneity are considered. In particular, the positive relationship only holds after controlling for job-titles, which can be accommodated by the segmented labor markets assumption of the model.16 An alternative sorting mechanism is to assume idiosyncratic logit preferences for firms(Card et al, 2018).…”

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confidence: 99%

Minimum Wages and Optimal Redistribution in the Presence of Taxes and Transfers

Vergara¹

2022

Preprint

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This paper characterizes optimal redistribution for a social planner with three instruments: labor income taxes and transfers, corporate income taxes, and a minimum wage. The modeled economy features search-and-matching frictions, generates positive firm profits in equilibrium, and accommodates empirically relevant effects of the minimum wage such as wage spillovers and reallocation effects. I find that minimum wages are more likely to be desirable when corporate taxes are low because minimum wages generate corporate revenue losses and redistribute from capitalists to low-skill workers.Minimum wages can improve welfare even under optimal income taxes by shifting tax incidence when wages bunch at the minimum. I estimate the sufficient statistics that guide the welfare analysis using state-level variation in minimum wages. I find that minimum wages have increased low-skill workers' welfare with null effects on high-skill workers and negative effects on capitalists. Results suggest that, under current corporate tax rates, weak social preferences for redistribution toward low-skill workers would justify small state-level minimum wages increases.

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Opening the Black Box of the Matching Function: The Power of Words

Cited by 15 publications

References 7 publications

Transforming Naturally Occurring Text Data Into Economic Statistics: The Case of Online Job Vacancy Postings

Transforming Naturally Occurring Text Data Into Economic Statistics: The Case of Online Job Vacancy Postings

What COVID-19 May Leave Behind: Technology-Related Job Postings in Canada

Minimum Wages and Optimal Redistribution in the Presence of Taxes and Transfers

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