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Banco de Mxico

Documentos de Investigacin
Banco de Mxico
Working Papers

N 2014-08

Can Matching Frictions Explain the Increase in


Mexican Unemployment After 2008?
Juan Arroyo Miranda

Roberto Gmez Cram

Banco de Mxico

Banco de Mxico

Carlos Lever Guzmn


Banco de Mxico

April 2014

La serie de Documentos de Investigacin del Banco de Mxico divulga resultados preliminares de


trabajos de investigacin econmica realizados en el Banco de Mxico con la finalidad de propiciar el
intercambio y debate de ideas. El contenido de los Documentos de Investigacin, as como las
conclusiones que de ellos se derivan, son responsabilidad exclusiva de los autores y no reflejan
necesariamente las del Banco de Mxico.
The Working Papers series of Banco de Mxico disseminates preliminary results of economic
research conducted at Banco de Mxico in order to promote the exchange and debate of ideas. The
views and conclusions presented in the Working Papers are exclusively the responsibility of the authors
and do not necessarily reflect those of Banco de Mxico.

Documento de Investigacin
2014-08

Working Paper
2014-08

Ca n Mat chi ng Fri ct i ons E x p lain th e I n cr eas e in M ex ic a n


Unem pl oy men t Af ter 2 0 0 8 ? *
Juan Arroyo Miranday

Roberto Gmez Cramz

Banco de Mxico

Banco de Mxico

Carlos Lever Guzmnx


Banco de Mxico
Abstract: We use a novel data set on firm vacancies and job seekers from a Mexican government job
placement service to analyze whether changes in matching frictions can explain the large and persistent
increase in Mexican unemployment after the 2008 global financial crisis. We find evidence of a
statistically significant reduction in the efficiency of the matching function during the crisis. The
estimated effect explains about 70 basis points of the 233 basis points observed increase in the
unemployment rate. Hence, these results suggest that changes in matching frictions cannot explain most
of the increase in unemployment.
Keywords: Matching function estimation; Unemployment; Vacancies.
JEL Classification: J63; J64; E24.
Resumen: Este trabajo utiliza una nueva fuente de datos sobre vacantes de empleo publicadas por
empresas y de solicitantes de empleo proveniente de un servicio de vinculacin laboral del gobierno
mexicano para analizar si los cambios en las fricciones de contratacin pueden explicar el importante y
persistente incremento del desempleo en Mxico despes de la crisis financiera mundial de 2008. Se
encuentra evidencia de una reduccin estadsticamente significativa en la eficiencia de la funcin de
matching durante la crisis. El efecto estimado explica alrededor de 70pb del aumento de 233pb
observado en la tasa de desempleo. As, este resultado sugiere que los cambios en las fricciones de
contratacin no pueden explicar la mayor parte del aumento en el desempleo.
Palabras Clave: Estimacin de la funcin de matching; Desempleo; Vacantes.

*We would like to thank Alberto Torres, Ana Mara Aguilar, Laura Jarez, Santiago Garca-Verd and the
seminar and conference participants at Banco de Mxico, the CEMLA Research Network meetings, the Labor
Economics Summer School at Barcelona Graduate School of Economics and the LACEA-LAMES meetings in
Mexico City for their comments and support. Daniel Casarn and Mario Oliva were very helpful in providing
research assistance at early stages of the project. We are especially indebted to Marcelo Delajara, Jos Antonio
Murillo and Jaime Rogerio Girn for their role in getting access to the data. All remaining errors are our own.
y Direccin General de Investigacin Econmica. Email: jarroyo@banxico.org.mx.
z Direccin General de Investigacin Econmica. Email: roberto.gomez@banxico.org.mx.
x Direccin General de Investigacin Econmica. Email: clever@banxico.org.mx.

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