Jobs and matches: Quits, replacement hiring, and vacancy chains
By: Mercan, Yusuf. And Schoefer, Benjamin
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BookPublisher: The American Economic Review: Insights Description: 2(1), Mar, 2020: p.101-124.Subject(s): Economics of Minorities, Races, Indigenous Peoples, Immigrants; Non-labor Discrimination
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The American Economic Review: InsightsSummary: In the canonical DMP model of job openings, all job openings stem from new job creation. Jobs denote worker-firm matches, which are destroyed following worker quits. Yet, employers classify 56 percent of vacancies as quit-driven replacement hiring into old jobs, which evidently outlived their previous matches. Accordingly, aggregate and firm-level hiring tightly track quits. We augment the DMP model with longer-lived jobs arising from sunk job creation costs and replacement hiring. Quits trigger vacancies, which beget vacancies through replacement hiring. This vacancy chain can raise total job
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Articles
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Indian Institute of Public Administration | 2(1), Mar, 2020: p.101-124 | Available | AR123439 |
In the canonical DMP model of job openings, all job openings stem from new job creation. Jobs denote worker-firm matches, which are destroyed following worker quits. Yet, employers classify 56 percent of vacancies as quit-driven replacement hiring into old jobs, which evidently outlived their previous matches. Accordingly, aggregate and firm-level hiring tightly track quits. We augment the DMP model with longer-lived jobs arising from sunk job creation costs and replacement hiring. Quits trigger vacancies, which beget vacancies through replacement hiring. This vacancy chain can raise total job
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