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A 1% rise in pay reduces vacancy durations by 3-5%—much higher than prior estimates. Just Accepted new paper by Ihsaan Bassier (@ihsaanbassier), Alan Manning (@alanmanning4), and Barbara Petrongolo zurl.co/yHUww
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Our paper is now out at the Review of Economics and Statistics, "Vacancy Durations and Wages" A simple paper using annual firm & union pay increases to get ~recruitment elasticities. Unsurprisingly, when firms raise wages they get workers more quickly!…