Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board , Washington , D . C . Vacancy Posting , Job Separation and Unemployment Fluctuations Regis Barnichon 2009-35

Content Provider	Semantic Scholar
Author	Barnichon, Régis
Copyright Year	2009
Abstract	This paper studies the relative importance of the two main determinants of cyclical unemployment ‡uctuations: vacancy posting and job separation. Using a matching function to model the ‡ow of new jobs, I draw on Shimer’s (2007) unemployment ‡ow rates decomposition and nd that job separation and vacancy posting respectively account for about 40 and 60 percent of unemployment’s variance. When considering higher-order moments, I nd that job separation contributes to about 60 percent of unemployment steepness asymmetry, a stylized fact of the jobless rate. Finally, while vacancy posting is, on average, the most important contributor of unemployment ‡uctuations, the opposite is true around business cycle turning points, when job separation is responsible for most of unemployment movements. JEL classi cations: E24, E32, J63, J64
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://www.federalreserve.gov/pubs/feds/2009/200935/200935pap.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Discussion