Figure - PMC

Skip to main content

An official website of the United States government

Here's how you know

Here's how you know

Official websites use .gov
A .gov website belongs to an official government organization in the United States.

Secure .gov websites use HTTPS
A lock ( ) or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites.

View full-text article in PMC

. 2021 Jan 20;18(174):20200898. doi: 10.1098/rsif.2020.0898

Search in PMC
Search in PubMed
View in NLM Catalog
Add to search

© 2021 The Authors.

Published by the Royal Society under the terms of the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/, which permits unrestricted use, provided the original author and source are credited.

PMC Copyright notice

Figure 3. — The Beveridge curve. In each panel, we plot the unemployment and vacancy rate. (a) The historical Beveridge curve for the United States, 2001–2018. Different periods are highlighted with different colours. (b) Movement of the Beveridge curve due to changes in labour market frictions. In particular, we plot the difference between a complete network, with no skill mismatch frictions versus the empirical occupational mobility network. Each dot corresponds to the steady-state unemployment and vacancy rate for for different pairs of values of δ_u and δ_v. The highlighted points correspond to the unemployment and vacancy rate of the model using the calibrated parameters. (c) The Beveridge curve generated by our model. The parameters of the model are calibrated to match the empirical Beveridge curve between December 2007 and December 2018. The dashed lines correspond to the deterministic approximation of equations (3.1)–(3.3), and solid green lines to the full stochastic model simulation of equations (2.2)–(2.4). The transparent grey line shows the empirical Beveridge curve between December 2007 and September 2018.