Macroeconomics Seminar Series. "Vacancies and Hiring through Different Channels" joint work with Jesper Bagger (Edinburgh University)
Published: 8 November 2024
21 November 2024. Professor Manolis Galenianos, Royal Holloway, University of London
Professor Manolis Galenianos, Royal Holloway, University of London
"Vacancies and Hiring through Different Channels" joint work with Jesper Bagger (Edinburgh University)
Thursday, 21 November 2024. 15:00-16:30
Room 386AB, Adam Smith Business School
Abstract
We create a uniquely detailed dataset on recruiting by merging online advertisement data with matched employer-employee data from Denmark. We use this dataset to investigate the relationship between job advertisements (vacancies) and hiring at the firm level, to explore alternative channels of firm recruiting, and to draw implications about interpreting macroeconomic data. We find that a firm’s hiring increases after and, also, before it posts an online job advertisement. We decompose hires into three broad recruiting channels: market, referral network, and recall which account for, roughly, 40%, 20%, and 40% of total hires, respectively. We find that market and referral hiring is stable before job advertising and increases after job advertising, suggesting that effort through the market and referral recruiting channels is complementary. By contrast, we find that recall hiring increases before and declines after job-advertising which suggests that recruiting effort through recall is a substitute for recruiting effort through the market. Furthermore, the timing of hiring suggests that hiring through recall is preferred to hiring new workers through either the market or referrals. We use our data to estimate the matching function and find that excluding recall hires reduces the standard deviations of residuals by almost half, thereby improving the stability of the matching function.
Bio
Manolis Galenianos is Professor of Economics at Royal Holloway, University of London. Prior to moving to London, he was Assistant Professor of Economics at the Pennsylvania State University and Visiting Assistant Professor at New York University and Yale University. He received his PhD from the University of Pennsylvania. His research focuses on macroeconomics, applied theory and labour economics.
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First published: 8 November 2024