A stylized interpretation is that movements along the downward-sloping Beveridge curve are generally caused by changes in aggregate demand. Persistent shifts of the curve closer to, or further away from, the vertical and horizontal axes may reflect structural changes in the labor market.
7  See Raven Molloy, Christopher L. Smith, and Abigail Wozniak (2011), “Internal Migration in the United States,” Finance and Economics Discussion Series 2011-30 (Washington: Board of Governors of the Federal Reserve System, May).pdf. BIS central bankers’ speeches  5  Much has been made of the fact that the Beveridge curve appears to have shifted out in the past couple of years.