| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11541 |
| DP11541 Aggregate Recruiting Intensity | |
| Alessandro Gavazza; Giovanni L. Violante; Simon Mongey | |
| 发表日期 | 2016-09-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We develop a model of firm dynamics with random search in the labor market where hiring firms exert recruiting effort by spending resources to fill vacancies faster. Consistent with micro evidence, in the model fast-growing firms invest more in recruiting activities and achieve higher job-filling rates. In equilibrium, individual decisions of hiring firms aggregate into an index of economy-wide recruiting intensity. We use the model to study how aggregate shocks transmit to recruiting intensity, and whether this channel can account for the dynamics of aggregate matching efficiency around the Great Recession. Productivity and financial shocks lead to sizable pro-cyclical fluctuations in matching efficiency through recruiting effort. Quantitatively, the main mechanism is that firms attain their employment targets by adjusting their recruiting effort as labor market tightness varies. Shifts in sectoral composition can have a sizable impact on aggregate recruiting intensity. Fluctuations in new-firm entry, instead, have a negligible effect despite their contribution to aggregate job and vacancy creations. |
| 主题 | Labour Economics ; Monetary Economics and Fluctuations |
| 关键词 | Aggregate matching efficiency Firm dynamics Macroeconomic shocks Recruiting intensity Unemployment Vacancies |
| URL | https://cepr.org/publications/dp11541 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540355 |
| 推荐引用方式 GB/T 7714 | Alessandro Gavazza,Giovanni L. Violante,Simon Mongey. DP11541 Aggregate Recruiting Intensity. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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