The Recent Evolution of the U.S. Beveridge Curve: Evidence from the ARDL Approach
Richard Raines () and
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Richard Raines: Department of Economics, School of Management, University of Alaska Fairbanks
Review of Economics & Finance, 2016, vol. 6, 14-24
Using a search and match model of employment, and labor market data from 2000 to the present, this paper provides updated empirical evidence of the U.S. Beveridge Curve - an inverse unemployment-vacancy (UV) relationship - for the periods before and after the 2007-2009 recession. Using Job Openings and Labor Turnover Survey (JOLTS) data and an enhanced econometric technique - the autoregressive distributed lag (ARDL) approach, our results confirm the existence of the Beveridge Curve for the U.S.. We also find empirical evidence of a rightward shift in the U.S. Beveridge Curve following the Great Recession, potentially indicating increases in labor market mismatch or structural frictions in the U.S. labor market.
Keywords: ARDL model; Beveridge curve; Unemployment; Vacancy (search for similar items in EconPapers)
JEL-codes: C22 D49 E24 J64 (search for similar items in EconPapers)
Note: The authors are grateful to an anonymous referee and Haim Shalit for helpful comments.
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