How would labor markets react to a tightening monetary policy under high inflation? The existing empirical literature provides little guidance on how detailed labor market outcomes such as job postings, filling, and vacancies will change in reaction to a tightening of monetary policy when there is high inflation.

This paper helps to fill the lack of literature by introducing a new data set, which allows for a detailed analysis of the functioning of the labor market in a historical period with a similar macroeconomic situation as today after the COVID-19 pandemic.