Shifts in the beveridge curve in Spain and their macroeconomic effects

  1. José E. Boscá 1
  2. Rafael Doménech 1
  3. Javier Ferri 1
  4. José R. García 1
  1. 1 Universitat de València
    info

    Universitat de València

    Valencia, España

    ROR https://ror.org/043nxc105

Revista:
Revista de economía aplicada

ISSN: 1133-455X

Año de publicación: 2017

Volumen: 25

Número: 75

Páginas: 5-27

Tipo: Artículo

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Otras publicaciones en: Revista de economía aplicada

Resumen

In this article, we construct a homogeneous series of vacancies for the Spanish economy from 1980 to 2016, which enables us to perform an analysis of the effects of the economic cycle on the relationship between unemployment and vacancies. The methodology proposes a link between the old series of vacancies from the former INEM (National Employment Institute) and the new series from Eurostat. To that end, we use the information from the Short-Term Labour Survey. An analysis of this new homogeneous series shows that the Beveridge curve shifted between 2008 and 2009 due to the worse efficiency of the process of matching vacancies and unemployed workers. A simulation of the macroeconomic effects of this fall in efficiency in a general equilibrium model for Spain generates movements in GDP and employment in the same direction as those actually observed in the crisis, albeit of lesser magnitude. The evidence offered shows that since 2014, the Beveridge curve has gradually been recoveringits pre-crisis position, with a consequent decline in the unemployment rate.

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Información de financiación

This research has been financed by the Rafael del Pino Foundation, BBVA Research, the Ministry of Economy and Competitiveness (project ECO2014-53150-R) and the Generalitat Valenciana (PROMETEO2016-097).

Financiadores

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