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Estimating the stock-flow matching model using micro data

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<mark>Journal publication date</mark>10/2013
<mark>Journal</mark>Journal of the European Economic Association
Issue number5
Volume11
Number of pages25
Pages (from-to)1153-1177
Publication statusPublished
Original languageEnglish

Abstract

We estimate the stock-flow matching model using micro-level data from a well-defined labor market. Using a dataset of complete labor-market histories for both sides of the market, we estimate hazard functions for job-seekers and vacancies. We find that the stock of new vacancies has a significant positive impact on the job-seeker hazard, over and above that of the total stock of vacancies. There is an even stronger robust result for vacancy hazards. Thus we find evidence in favor of stock-flow matching, even when controlling for unobserved search heterogeneity and stratifying into submarkets defined by location and occupation.