000			01926nas a2200253Ia 4500
008			240802c99999999xx |||||||||||| ||und||
022			_a0895-3309
100			_aBarlevy, Gadi _9120011
245		4	_aThe Shifting Reasons for Beveridge Curve Shifts
260			_bJournal of Economic Perspectives
260			_c2024
300			_a83-106
520			_aWe discuss how the relative importance of factors that contribute to movements of the US Beveridge curve has changed from 1959 to 2023. We review these factors in the context of a simple flow analogy used to capture the main insights of search and matching theories of the labor market. Changes in inflow rates, related to demographics, accounted for Beveridge curve shifts between 1959 and 2000. A reduction in matching efficiency, that depressed unemployment outflows, shifted the curve outwards in the wake of the Great Recession. In contrast, the most recent shifts in the Beveridge curve appear driven by changes in the eagerness of workers to switch jobs. Finally, we argue that, while the Beveridge curve is a useful tool for relating unemployment and job openings to inflation, the link between these labor market indicators and inflation depends on whether and why the Beveridge curve shifted. Therefore, a careful examination of the factors underlying movements in the Beveridge curve is essential for drawing policy conclusions from the joint behavior of unemployment and job openings.
650			_a Aggregate Human Capital _9119520
650			_a Aggregate Labor Productivity, Labor Demand, Labor Turnover _9120012
650			_a Employment _9186
650			_a Intergenerational Income Distribution _9119523
650			_a Wages
650			_aUnemployment _93282
700			_a Faberman, R. Jason _9120013
700			_a Hobijn, Bart _9120014
700			_aAysegul Sahin _9120015
856			_uhttps://www.aeaweb.org/articles?id=10.1257/jep.38.2.83
999			_c133611 _d133611