Macro Recruiting Intensity from Micro Data

• 成果类型: Article
• 署名作者: Mongey, Simon; Violante, Giovanni L.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Princeton University; IZA Institute Labor Economics
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20200022
• 发表日期: 2026
• 关键词: behavior; search

摘要

We merge QCEW and JOLTS microdata to study firm recruiting intensity across establishments and over time. We show that large heterogeneity in vacancy-filling rates is fully accounted for by differences in gross hiring rates. We develop a theory consistent with these facts and, guided by it, construct a firm-based measure of Aggregate Recruiting Intensity (ARI). ARI is strongly procyclical, driven mainly by declines in recruiting efforts in slack labor markets. We also propose a simple proxy ARI index using publicly available macro data. ARI fluctuations explain about 40 percent of aggregate match-efficiency volatility from 2002 to 2019. (JEL D22, E32, J23, J41, J63, M51)