Replication data for: Aggregate Recruiting Intensity

Principal Investigator(s): View help for Principal Investigator(s) Alessandro Gavazza; Simon Mongey; Giovanni L. Violante

Version: View help for Version V1

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AER-2016-1420_Replication			10/12/2019 06:42:AM
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Project Citation:

Gavazza, Alessandro, Mongey, Simon, and Violante, Giovanni L. Replication data for: Aggregate Recruiting Intensity. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113158V1

Project Description

Summary: We develop an equilibrium 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 microevidence, fast-growing firms invest more in recruiting activities and achieve higher job-filling rates. These hiring decisions of firms aggregate into an index of economy-wide recruiting intensity. We study how aggregate shocks transmit to recruiting intensity, and whether this channel can account for the dynamics of aggregate matching efficiency during the Great Recession. Productivity and financial shocks lead to sizable procyclical fluctuations in matching efficiency through recruiting effort. Quantitatively, the main mechanism is that firms attain their employment targets by adjusting their recruiting effort in response to movements in labor market slackness.

Scope of Project

JEL Classification:
      D22 Firm Behavior: Empirical Analysis
      E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
      E32 Business Fluctuations; Cycles
      J23 Labor Demand
      J41 Labor Contracts
      J63 Labor Turnover; Vacancies; Layoffs
      M51 Personnel Economics: Firm Employment Decisions; Promotions

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V1 [2019-10-12]

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