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Many technologies such as telecommunications, satellite navigation and the stock markets rely on ever-better time measurements. The researchers said the new clocks could one day help to redefine the second.
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What has caused this shift is a subject of debate. Some policymakers have suggested that the shift in the Beveridge curve may reflect a mismatch between the skills unemployed workers have and what employers are looking for (see Kocherlakota 2010). For example, an unemployed construction worker may have difficulty getting a job in information technology or health care, even though there may be openings in those sectors. Workers need time to learn new skills. Thus, an increase in skill mismatch could cause the unemployment rate to be persistently higher than before, creating a new normal. But recent research suggests that skill mismatch is probably not a main driving force behind a higher unemployment rate for a given level of vacancies and the resulting outward shift in the Beveridge curve (see Valletta and Kuang 2010, Barlevy 2011, and Daly et al. 2012). |
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