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Federal Reserve Bank of Richmond
Richmond Fed Economic Brief
Putting the Beveridge Curve Back to Work
Thomas A. Lubik
Karl Rhodes
Abstract

After the recession of 2007-09, the Beveridge curve seemed to shift significantly outward as the job-vacancy rate increased with no corresponding decrease in the unemployment rate. A new time-varying analysis of the Beveridge curve from the early 1950s through 2011 could lend support to the idea that skill mismatch due to technological change is the most likely driver of the curve's outward shifts, including its most recent movement. This analysis suggests that expansionary monetary policy has done little in recent years to reduce the unemployment rate.


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Thomas A. Lubik & Karl Rhodes, "Putting the Beveridge Curve Back to Work" , Federal Reserve Bank of Richmond, Richmond Fed Economic Brief, issue Sept, pages 1-5, 2014.
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