If there is cooling in aggregate demand spurred by monetary policy tightening that tempers labor demand, then vacancies should fall substantially. Suppose they decrease  7  Specifically, I set the separations rate equal to 1.23 percent, a little above current levels.
Mario Draghi: ECB press conference – introductory statement Introductory statement by Mr Mario Draghi, President of the European Central Bank, and Mr Vítor Constâncio, Vice-President of the European Central Bank, Frankfurt am Main, 7 February 2013. *  *  *  Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference.