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Job Openings, Hirings, and Unmet Demand: A New Approach to the Matching Function and the Beveridge Curve

Firms create ‘vacancies’ in one sense (recruitment processes) in order to avoid ‘vacancies’ in another sense (unmet demand). The paper clarifies the different roles of these two concepts in labour market analysis, not only when interpreting Beveridge curves and matching functions, but also when analysing the effect of recruitment problems on employment at the firm level.