Labor Market Dynamics: A Time-Varying Analysis

Haroon Mumtaz and Francesco Zanetti

Oxford Bulletin of Economics and Statistics, 2015, vol. 77, issue 3, 319-338

Abstract: type="main" xml:id="obes12096-abs-0001">

This paper studies how key labour market stylized facts and the responses of labour market variables to technology shocks vary over the US postwar period. It uses a benchmark dynamic, stochastic, general equilibrium model enriched with labour market frictions and investment-specific technological progress that enables a novel identification scheme based on sign restrictions on a SVAR with time-varying coefficients and stochastic volatility. Key findings are: (i) the volatility in job finding and separation rates has declined over time, while their correlation varies across time; (ii) the job finding rate plays an important role for unemployment, and the two series are strongly negatively correlated over the sample period; (iii) the magnitude of the response of labour market variables to technology shocks varies across the sample period.

Date: 2015
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Working Paper: Labor Market Dynamics: a Time-varying Analysis (2014)
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