Federal Reserve Bank of Philadelphia Building

Working Paper

Vacancy Chains

Michael W. L. Elsby,
Ryan Michaels &
David Ratner

July 2020

WP 20-28 (Superseded by WP 22-23)

This paper was superseded by Working Paper 22-23 – Vacancy Chains.

Replacement Hiring Means Job Vacancies Beget More Vacancies, Amplifying Swings in the Labor Market

Research in Focus – Michael W.L. Elsby of the University of Edinburgh and the Fed's Ryan Michaels and David Ratner explore how pressure to replace quits drives bigger swings in job vacancies and hiring.

Research in Focus