Macro Recruiting Intensity from Micro Data

Mongey, Simon

doi:10.1257/mac.20200022

Macro Recruiting Intensity from Micro Data

2026-04-01

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Mongey, Simon *

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Violante, Giovanni L.

DOI：10.1257/mac.20200022

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We merge QCEW and JOLTS microdata to study firm recruiting intensity across establishments and over time. We show that large heterogeneity in vacancy-filling rates is fully accounted for by differences in gross hiring rates. We develop a theory consistent with these facts and, guided by it, construct a firm-based measure of Aggregate Recruiting Intensity (ARI). ARI is strongly procyclical, driven mainly by declines in recruiting efforts in slack labor markets. We also propose a simple proxy ARI index using publicly available macro data. ARI fluctuations explain about 40 percent of aggregate match-efficiency volatility from 2002 to 2019. (JEL D22, E32, J23, J41, J63, M51)

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Macro Recruiting Intensity from Micro Data

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