The Unemployment-Vacancy Relation in the UK

D R Jones and D N Manning

Scottish Journal of Political Economy, 1990, vol. 37, issue 4, 327-42

Abstract: In this paper, a steady-state unemployment-vacancy relation for the United Kingdom is estimated using quarterly data over the period 1963-87. The specification derived is a simple job-matching scheme, which is compatible with earlier practice. However, there are two important departures. Firstly, a linear parameterization of the unemployment exponent is deployed as a "correction factor" for the hypothesized presence of noncompeting groups in the unemployment stock. Secondly, for estimation purposes, cointegration criteria are deployed to assist with the identification of the appropriate "equilibrium" form of the unemployment-vacancy curve. In taking this approach, evidence is uncovered to support the existence of a hysteresis-augmented unemployment-vacancy relation. Copyright 1990 by Scottish Economic Society.

Date: 1990
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