Vacancy Market Structure and Matching Efficiency

Ryo Kambayashi (ryo.kambayashi@cc.musashi.ac.jp) and Yuko Ueno

ESRI Discussion paper series from Economic and Social Research Institute (ESRI)

Abstract: This paper analyzes labor market frictions, caused by heterogeneity among traders on the demand side (firms). Vacancy numbers per firm created at once can vary, and this heterogeneity affects the application rate by job seekers. On the aggregate level, theory predicts that vacancy distribution would affect matching efficiency as a whole. Following this theory, we formulated a matching function that reflects market concentration level into its efficiency parameter, and verified by panel data estimation that a more concentrated market has better matching efficiency for the latter half of 90s in the Japanese labor market. Since the number of vacancies per establishment has been increasing again from the end of the 90s, this would be expected to lead to a more concentrated market structure, which could enhance matching efficiency in regional labor markets.

Pages: 28 pages
Date: 2006-02
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