The Cyclical Volatility of Equilibrium Unemployment and Vacancies: Evidence from Italy

Gabriele Cardullo and Marco Guerrazzi

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper, we explore the fluctuations of unemployment and vacancies in the Italian labour market over the last twenty years. For reasons of data availability on unfilled job openings, this period is split in two parts. The former is covered by a help-wanted time series, while the latter is analyzed by means of a harmonized vacancy rate. In both periods, in line with previous findings on the unemployment volatility puzzle, we find that the labour market tightness indicator is much more volatile than productivity. Moreover, we show that a matching model with segmented labour markets and on-the-job search has the potential to provide a rationale for this pattern.

Keywords: Macroeconomic fluctuations; Italian labour market; Shimer puzzle; Market segmentation; On-the-job search. (search for similar items in EconPapers)
JEL-codes: E12 E24 J63 J64 (search for similar items in EconPapers)
Date: 2013-11-26
New Economics Papers: this item is included in nep-lab and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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https://mpra.ub.uni-muenchen.de/51726/1/MPRA_paper_51726.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/64682/9/MPRA_paper_64682.pdf revised version (application/pdf)

Related works:
Journal Article: The Cyclical Volatility of Equilibrium Unemployment and Vacancies: Evidence From Italy (2016)
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