Research Discussion Papers, Bank of Finland
No 2/2015:
Shifts in euro area Beveridge curves and their determinants
Boele Bonthuis ()
, Valerie Jarvis ()
and Juuso Vanhala ()
Abstract: This paper analyses euro area Beveridge curves at the euro
area aggregate and country level over the past 25 years. Using an
autoregressive distributed lag model we find a significant outward shift in
the euro area Beveridge curve since the onset of the crisis, but
considerable heterogeneity at country level. We test for factors underlying
these developments using the local projections method of Jordà (2005).
Skill mismatch, high shares of workers in the construction sector, as well
as high pre-crisis financial slack and home ownership rates appear strong
determinants of outward shifts in Beveridge curves in response to a
negative shock. Higher female participation rates mitigate these
effects.
Keywords: Beveridge curve; crisis; mismatch; unemployment; labour shortages; vacancies; (follow links to similar papers)
JEL-Codes: E24; E32; J62; J63; (follow links to similar papers)
35 pages, February 3, 2015
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