Monday, April 23, 2012

An Ultraminimalist Model of the Beveridge Curve, or, How I Learned to Start Worrying and Love Structural Unemployment


Where do businesses find people to hire?  A few new employees – graduating students, for example – are recruited from outside the labor force, but I’m going to ignore them (as later I will also ignore retirees, figuring that they roughly offset each other).  Most new employees come either from among the unemployed or from other firms.  Hiring the unemployed is easy inasmuch as they’re usually knocking at your door asking for jobs.  On the other hand, the selection process might be difficult, since they aren’t doing a job now, so you have to make an educated guess as to whether they’ll be good at the job for which you’re hiring.  Hiring people from other firms is difficult in that you have to go out and actively recruit them, as well making an offer that justifies leaving their old job, but the selection process is easier, because all you have to do is find someone who is already doing a job similar to the one for which you’re hiring. 

So there is a tradeoff.   Presumably the terms of this tradeoff depend on how many people are unemployed:  if only a few people are unemployed, then the number of qualified unemployed applicants will be low, and they’ll be in demand from other firms, so you’ll have to pay them well, so you might as well just try to poach someone directly from another firm; if a lot of people are unemployed, the number of qualified unemployed applicants will be high, and they’ll be willing to accept less attractive offers, so poaching might not be worth it.  So here’s the crux of my model:  the fraction of new hires that comes from the unemployed depends on how many unemployed there are.  Using “H” for total hires, “He” for “hires out of employment,” and “Hu” for “hires out of unemployment,” we have Hu/H=f(U), where f() is some increasing function, and for adding-up, we have H=He+Hu.

Now, why do people quit their jobs?  Some retire, but I’ve already said I’m going to ignore them.  Some quit for other personal reasons, and I’m going to ignore them too.  A few people quit, especially when the labor market is strong, because they don’t like their job and figure it will be easy enough to find a new one.  I’m also going to ignore them.  Most people who quit, I believe, quit because they already have another job lined up.  In other words, if we ignore all the categories I’m ignoring, then the number of quits equals the total number of new hires minus the number of new hires that are hired out of unemployment, or Q=H-Hu.  Putting this proposition together with the one at the end of the last paragraph and solving simultaneously, we get Q=H*(1-f(U)).

OK, what about layoffs?  It may sound crazy at first, but I’m essentially going to ignore layoffs.  I’m going to assume that they happen at a constant rate.  We do know that layoffs tend to spike during the early part of a recession (or in the case of the recent recession, in the middle, when the “Great Recession” took over from the “little recession” that was already in progress).  But the typical spike is fairly small compared to the total number of layoffs.  (We notice those layoffs more because they result in significant spells of unemployment, whereas non-recession layoffs often result in just changing jobs, or in brief spells of unemployment that often aren’t long enough to justify filing an unemployment claim.)  So the “constant layoffs” assumption isn’t too far from the truth.  Also, layoff spikes are clearly “disequilibrium” phenomena that induce changes in the unemployment rate rather than explaining how a given unemployment rate is maintained.  In thinking about the Beveridge curve, I’m interested in the equilibrium relationship between unemployment and job openings.

And here’s the equilibrium condition.  I’ll ignore longer run changes in the labor force and the capital stock and define equilibrium as constant total employment (which implies constant total unemployment, since I’m ignoring labor force changes).  Constant employment implies that hires equal separations.  I’ll ignore “other separations” and assume all the separations are either quits or layoffs.  Then we have H=Q+L (where L stands for “layoffs,” not “labor”).

Since I’ve assumed that layoffs are constant, we have three variables here, U, H, and Q.  We’re more interested in hires than quits, so we can solve to eliminate Q, and we get H=L /f(U).  Since f() is an increasing function, this gives as an inverse equilibrium relationship between hires and unemployment.

Ultimately we want to relate unemployment to job openings, since that’s what the Beveridge curve is about.  How do hires relate to job openings?  One traditional approach is to fit a “matching function” in which hires are an increasing function of both job openings and unemployment.  The theory is that it should be easier to fill job openings when there are a lot of unemployed people looking for jobs.  I tried fitting such a function using JOLTS data, and the coefficient on unemployment consistently came out with the wrong sign, no matter how many polynomial time trends or dummy variables I put in, and even when I included an interaction term between unemployment and the availability of extended unemployment benefits.  Actually, that result is what motivated this model.  While obviously a high unemployment rate will reduce the number of people who quit their jobs in order to fill job openings, it does not apparently result in those openings being filled any more quickly.  So my matching function is a one-variable function. H=m(V), where V (“vacancies”) is the number of job openings.

Empirically, I fit H=m(V) as H=a*V^b, where a and b are fitted constants.  (Why do I use that form? Tradition, I suppose:  it just seemed reasonable.  It allows for the intuitive special case where b=1, so that job openings fill at a constant rate, but one casual look at the data will tell you that b<1 in reality: openings fill more quickly when there are fewer of them.)  The fit is pretty good (“log V” explains 78% of the variance in “log H” with a slope coefficient of about 0.5, implying that H is proportional to the square root of V), but there is an obvious pattern in the residuals.  (The Durbin-Watson statistic is a mere 0.7 – in case this post isn’t wonkish enough already.)  The cumulative sum of the residuals peaks in July 2006, suggesting that there may be a structural break in August.  A casual look at the residuals strongly suggests another structural break in July 2010.  Both purported structural breaks go in the same direction:  a decline in the number of hires associated with any given number of job openings.  So, contrary to what I said in 2010, it does look like we are seeing more structural unemployment now than in the past.  (In my defense, the first break occurs long before the recession, so I was right to assert that recession had not produced an increase in structural unemployment; and the second break occurs just when I was making that assertion, so I had no data from after the break.)

After I had done all this pseudo-theorizing, I decided to do a little pseudo-test of my pseudo-model, and it actually holds up surprisingly well (allowing the function f(U) to have the same form as m(V), because don’t all functions have that form, damn it!).   There is a nice, linear-looking, downward-sloping relationship between the log of hires and the log of unemployment.  Log unemployment explains almost 90% of the variance in log hires, with a slope coefficient of -0.37, and the coefficients are robust to the inclusion of an ARMA(1,1) residual process that results in a Durbin-Watson statistic of precisely 2.0.  (Ooooh, talk nerdy to me, Baby!)  There is no obvious pattern in the residuals.  Surprisingly, there are only 3 significant outliers (March 2003, November 2008, and May 2010; call them “Iraq War,” “Post-Lehman,” and “Census”).  At least I find that surprising, because this is an equilibrium model of a system that obviously, in real life, is subject to shocks that move it out of equilibrium – as we know from the fact that the unemployment rate changes a lot.  If you take this test at face value, it suggests that the equilibrating forces (which I haven’t tried to model) are very strong.

So what does all this imply about the natural rate of unemployment?  To answer that question we need a model of aggregate supply, and I happen to have one up my sleeve.  Here’s my model:  there’s a constant natural rate of job openings.  That’s it.  If firms have an unusually large number of positions to fill, they bid up wages, and you get accelerating inflation.  If firms have an unusually small number of positions to fill (like right now, but even more like three years ago), they start to let wages erode, and you get decelerating inflation (although research now suggests that it’s very difficult to erode wages that already aren’t rising, so this won’t work very well unless there is some substantial inflation or productivity growth to begin with – but all that belongs in another post).  Somewhere there’s a happy medium rate of job openings, such that wages tend to continue rising at a rate consistent with the expected rate of inflation.  That’s the natural rate of jobs openings.  Or the Non-Accelerating Inflation Rate of Job Openings (NAIRJO).   Or the Non-Accelerating Inflation Rate of Vacancies (NAIRV).

If the relationship between hiring and unemployment is stable, as it appears to be, then my model implies that shifts in the matching function will determine a shifting relationship between the (assumed constant) NAIRV and the NAIRU (Non-Accelerating Inflation Rate of Unemployment, a.k.a. the natural rate of unemployment).  For what it’s worth, my estimates suggest that the hypothesized August 2006 and July 2010 shifts in the matching function would, collectively, increase the NAIRU by a factor of about one and a third.  So if the NAIRU was 4.5% (my best guess, which happens to be conveniently divisible by 3) in July 2006, it is 6% now.  Of course, by the time the unemployment rate gets down to 6%, there’s a good chance that the matching function will have shifted again, but as for which direction and how far, your guess is as good as mine.

UPDATE: Posted scatter of log hires vs log unemployment on Twitter.

UPDATE2: Posted graph of series hires/sqrt(openings) on Twitter.


DISCLOSURE: Through my investment and management role in a Treasury directional pooled investment vehicle and through my role as Chief Economist at Atlantic Asset Management, which generally manages fixed income portfolios for its clients, I have direct or indirect interests in various fixed income instruments, which may be impacted by the issues discussed herein. The views expressed herein are entirely my own opinions and may not represent the views of Atlantic Asset Management. This article should not be construed as investment advice, and is not an offer to participate in any investment strategy or product

76 comments:

dllahr said...

Great model, well explained, thank you. Is there any way we could see some of the graphs of the model fit to the data?

Andy Harless said...

OK, see update.

rsj said...

From my experience, businesses do not generally want to hire someone who has been unemployed for some time. I think this has to be due to informational asymmetries -- perhaps the employee is a lemon. There is no set time period involved beyond which you are not hire-able, but if you've been unemployed for a year, your odds of finding a job now are much lower than if you've only been unemployed for a month. That should be enough to account for increasing structural employment, apart from any issues related to obsolescence of skills.

The Wall Street Ranter said...

I am putting together a survey of economic/financial bloggers. Please e-mail me @ survey[at]wallstreetrant.com if you would like to be included. (I could not find your e-mail address anywhere).

car wreck said...

Its a cool article to read by any common man. I found myself in the place of the traveller. Here lies the real worth and beauty of the article.

Frandis Charles said...
This comment has been removed by the author.
jimmy wilson said...

Outstanding write-up I really like ones article enjoy the method that you outlined as much as possible, you do an excellent task lots of other folks just like you by means of in which type of beneficial sites offer consciousness to all of us linked to several things. My partner and i understand other sorts of useful information sites out of your internet sites and I am much engaged together with your blogs skills, My spouse and i likewise started to compose weblogs which type information sites genuinely guide everyone out. My spouse and i by now saved your own webpage along with discussed the internet websites in order to my acquaintances not only us yet all of them like your current blogging knowledge, desire anyone write far more useful weblogs such as this just one along with good luck for ones long term blogs.

Jimmy Wilson from Ryan Gosling Drive Jacket

William said...

There is no set interval of time engaged beyond which you are not hire-able, but if you've been jobless for a season, your possibility of discovering a job now are much reduced than if you've only been jobless for monthly.

essay writing service said...

A Library is a store house of books.Various kinds of books store in a library and students can learn knowledge from here.

Jonathan Scott said...

Does your mate have any organize of the money situation? If the solution is not any, you acknowledge wherever you'd would like to begin out out. payday loan richmond till you face your worry to inform the particular reality to your mate your finances can still haunt you.

Tania Wilson said...

You wrote wonderful post! ANDY HARLESS,
I am glad to read this helpful post.
Thanks for sharing and keep sharing
Academic Assignment Writing Service

heroes of the storm free beta key generator said...

Generate the beta key generator for heroes of the storm and make possible hack and cheat and enjoy the all character in to action.

free amazon gift codes code said...

thanks for this man. i highly recommend this. it was pleasure doing.

hay day diamonds said...

Very good points you wrote here. Great stuff ... I think you've made some.

Varun Chowdary said...

friendship day messages
friendship day quotes
friendship day messages for girlfriend and boyfriend
happy independence day
independence day images
independence day old images
independence day wallpapers
happy independence day
independence day poems
friendship messages and sms
friendship day messages
friendship day quotes
independence day poems for kids
friendship day images
independence day images
indian flag history
happy friendship day quotes and sayings
friendship day quotes
happy friendship day messages

Shankar Chavan said...



Game Of Thrones news season 6
Fear The Walking Dead Premise Plot Character
The Walking Dead Exclusive Season 6

Kamlesh said...

Thanks for sharing such a great info it's really help full. Watch Rugby World Cup 2015

Devpatel said...


Wie können Sie diese erstaunliche Stück Inhalt posten? Jedenfalls kann man genuienly helfen Bundeslida Liebhaber, indem Sie zu prüfen,Bundesliga spielplan

Jas Arora said...

Very well written article...loved the whole feel of the article in so much finnesse.

Note 5 Cases
New Year 2016
New Year Images 2016
Rugby World Cup Live Stream..

Devpatel said...

Wow awesome game you can see Rugby world cup livestreaming and enjoy the game Rugby world cup live stream with your friends.

amine lahragui said...

Your work is very good and I appreciate you and hopping for some more informative posts. happy new year 2016 new year 2016
bonne année 2016 imagenes de año nuevo 2016 imagenes de navidad 2016 feliz año nuevo 2016 Journée internationale des droits des femmes 2016

mahjong said...

Really impressive post. I read it whole and going to share it with my social circules. I enjoyed your article and planning to rewrite it on my own blog.
mahjong | agario | minecraft | pacman| kizi | hulk | mickey mouse games | sniper games

stewart fitch said...

Absolutely you shared great and helpful information with everyone I want to write my research paper and I be grateful for that research proposal online.

Pooja modi said...

halloween game ideas
halloween tattoos
scary halloween games
halloween game
funny halloween quotes

grissha hamearth said...

I am actually impressed by this on-line journal! very clear clarification of problems is given and it's hospitable each living soul. I actually have perused your post, actually you have got given this extraordinary informative information concerning it.
Prediksi Agen Bola
Agen Bola Tangkas

Shahid Maqsood said...

Awesome line, really experienced studying it. I'm completely decided with your well said article. Obedience Training Tampa | raleigh dog trainer

Ranveer Patil said...

Your blog was too good. i really appreciate with your blog.Thanks for sharing.
Watch Indian Super League 2015 Online www.starsports.com
Star Cricket Live Tv Streaming Score Highlights

Deepak Negi said...

Hey Guys Must Check these :-

I can do that live show
I can do that live telecast
I can do that Show live streaming

Dhanteras 2015 Puja
Dhanteras 2015 Gold Sale Offers
Dhanteras 2015 Puja Samagri
Dhanteras 2015 Puja Vidhi
Kuber 2015 puja vidhi

Happy Childrens Day 2015 Images
Childrens Day 2015
Happy Childrens Day 2015
Childrens Day 2015 Speech
Happy Childrens Day 2015 Quotes

Mastizaade Box Office Collection
Mastizaade Funny Scenes
Mastizaade hd Videos
Mastizaade hd Torrent Download
Mastizaade free Torrent download
Mastizaade kickass torrent
Mastizaade Hot Scenes
Mastizaade Movie Review
Mastizaade Romantic Scenes
Mastizaade Songs
Mastizaade trailer film
Mastizaade 1st Day Collection Prediction
Sunny Leone Mastizaade Movie

World Aids Day 2015 Quotes
World Aids Day 2015 Posters
World Aids Day 2015 Themes
World Aids Day 2015 Slogans
Happy New Year 2016
New Year 2016
New Year 2016 Quotes
Happy New Year 2016 Images
New Year 2016 Wishes

بازی said...

online spiele konstenlos geringe Grobe spiele konstenlos neue spielen.
fußball spiel fussball spiele soccer super sterne fussball spiele Verwenden Sie Ihre Fußball Fähigkeiten
denken

Ankit Das said...
This comment has been removed by the author.
Ankit Das said...

Happy New Year 2016
New Year 2016
New Year Images 2016
Happy New Year Images 2016




Happy New Year 2016 Images
Happy New Year 2016 Wallpaper
Happy New Year 2016 Pictures


Sagar Balyan said...

rose day 2016 shayari sms
rose day shayari sms in hindi
7th feb rose day sms
rose day 2016 romantic sms
happy rose day romantic shayari
valentine day special whatsapp short video
rose day whatsapp short video
rose day whatsapp dp
rose day whatsapp dp images
rose day romantic sms for girlfriend
happy rose day sms wallpaper
Happy New Year 2016 FB Messages in English
Happy New Year 2016 FB Messages in Hindi
Happy New Year 2016 FB Shayari in Hindi
Happy New Year 2016 FB Status in Urdu
happy new year 2016 animated videos
happy new year 2016 whatsapp videos
happy new year 2016 whatsapp short videos
happy new year 2016 fb animated images
happy new year 2016 fb GIF images
happy new year shayari
happy new year 2016 shayari sms
happy new year shayari images
happy new year 2016 sms images
happy new year 2016 sms wallpaper
valentines day 2016 romantic quotes
romantic valentines day 2016 quotes for her
romantic valentines day 2016 quotes for girlfriend
happy valentines day 2016 romantic SMS
Valentines Day 2016 Romantic Wishes for Boyfriend
Valentines Day 2016 Romantic Sayings for gf
happy valentines day 2016 romantic messages for gf
happy valentines day 2016 romantic images
romantic Valentines Day 2016 E Cards
valentines day romantic 2016 FB Covers
happy valentines day 2016 Romantic FB Status
valentines day 2016 romantic sayings for Boyfriend

Sagar Balyan said...

valentine day sms wallpaper
valentine day single line status
valentine day shayari one line
valentine day latest shayari
valentine day love shayari in hindi
valentine day shayari for boyfriend
valentine day shayari for girlfriend
valentine day shayari facebook
valentine's day shayari for wife
valentine kiss day shayari
valentine's day sher o shayari
valentine day sher o shayari hindi
valentine romantic status for whatsapp
whatsapp status valentine day special
valentine special whatsapp videos
valentine day special whatsapp short video
valentines day funny whatsapp status
valentines day romantic whatsapp status
valentines day one line whatsapp status
hug day love quotes
hug day long quotes
hug day latest quotes
hug day sad quotes
hug day short quotes
hug day sad quotes 2 lines
hug day sad quotes one line status
hug day quotes messages for girlfriend
hug day quotes for gf
hug day quotes for best friend
hug day emotional quotes
hug day romantic quotes
romantic hug quotes for her
romantic hug day sms in hindi
hug day 2016 sms wallpaper

Devpatel said...

You can check all information for CAT preparation click
cat 2015 results

Abhishek Sharma said...


Happy Valentines Day
Happy Valentines Day 2016 SMS
Gate 2016 results


Gate 2016 result
gate 2016 results
Gate 2016 Admit cards Download


Happy New Year 2016
Happy New Year 2016 SMS
Happy New Year 2016 Status

merry christmas poems
merry christmas 2015 status
merry christmas whatsapp status

Abhishek Sharma said...
This comment has been removed by the author.
Abhishek Sharma said...

Royal Rumble 2016
Royal Rumble 2016 Results
WWE Royal Rumble Results

Australian Open 2016
Australian Open live scores
Australian Open live streaming

Cheap GIA loose diamonds said...

This article is very informative i think you like it...

Annu Sri said...

You Can Download Agario Free This Game Very nice To Play You Can Download It
Download Agario
Download Agario For Pc
Download Agario For Pc
Download Agario skins
Download Agario skins

Anonymous said...

Really best article for all and it increases knowledge.....Thanks.

happy new year 2015 images
happy new year images 2015
new year images 2015
happy new year images
new year images
new year 2015 images
happy new year image

Australian Open 2016 Live Streaming said...

Nice article...
australian open 2016 live streaming
australian open tennis 2016 live stream
australian open 2016 match schedule
australian open 2016 buy tickets online
Todays Australian Open 2016 Match Highlights
federer vs nadal head to head australian open
australian open 2016 start date time
Australian Open 2016 Predictions

Noor said...

Interesting article. I loved it very much. gmail.com sign upiPhone 7 release dateiPhone 7 release dateMacBook Pro 2016

Anonymous said...


Really best post for all readers, and it increases knowledge.....Thanks
happy new year 2015 images
happy new year images 2015
new year images 2015
New year messages

Alex Jones said...
This comment has been removed by the author.
Michael Jones said...

Truly, this article is really one of the very best in the history of articles. I am a antique ’Article’ collector and I sometimes read some new articles if I find them interesting.
Assignment Help | Assignment Help online | online Assignment Help

Alex Jones said...

AllAssignmentHelp is a place, from where you can get best writing services. Our expert UK writers provide affordable help in your university project. https://www.allassignmenthelp.co.uk
Assignment Help

Alex Jones said...

Your blog provided us with valuable information to work with. Each & every tip of your post is awesome. Homework Help

Ankit Das said...

Great article.... Keep uploading....
Happy New Year 2016

New Year Images 2016

Happy New Year Wallpaper 2016

New Year 2016 Images

Happy New Year Wallpaper

Happy New Year eCards

Happy New Year 2016 Messages

Mani R said...

Making video calls is one of the most ideal methods for interfacing with companions particularly the individuals who dwell abroad.
DOWNLOAD IMO FOR PC
DOWNLOAD IMO
IMO FOR PC
imo free video call
DOWNLOAD IMO FOR PC

Mani R said...

Making video calls is one of the most ideal methods for interfacing with companions particularly the individuals who dwell abroad.
DOWNLOAD IMO FOR PC
DOWNLOAD IMO
IMO FOR PC
imo free video call
DOWNLOAD IMO FOR PC
Making video calls is one of the most ideal methods for interfacing with companions particularly the individuals who dwell abroad.
DOWNLOAD IMO FOR PC
DOWNLOAD IMO
IMO FOR PC
imo free video call
DOWNLOAD IMO FOR PC
Making video calls is one of the most ideal methods for interfacing with companions particularly the individuals who dwell abroad.
DOWNLOAD IMO FOR PC
DOWNLOAD IMO
IMO FOR PC
imo free video call
DOWNLOAD IMO FOR PC
Making video calls is one of the most ideal methods for interfacing with companions particularly the individuals who dwell abroad.
DOWNLOAD IMO FOR PC
DOWNLOAD IMO
IMO FOR PC
imo free video call
DOWNLOAD IMO FOR PC
Making video calls is one of the most ideal methods for interfacing with companions particularly the individuals who dwell abroad.
DOWNLOAD IMO FOR PC
DOWNLOAD IMO
IMO FOR PC
imo free video call
DOWNLOAD IMO FOR PC
Making video calls is one of the most ideal methods for interfacing with companions particularly the individuals who dwell abroad.
DOWNLOAD IMO FOR PC
DOWNLOAD IMO
IMO FOR PC
imo free video call
DOWNLOAD IMO FOR PC

cool math games said...

I enjoyed over read your blog post. Your blog have nice information, I got good ideas from this amazing blog. I am always searching like this type blog post. I hope I will see again..
animal jam| cool games| cool math games| 8 ball pool| sudoku| yoob| stickman games| unblocked games | shooting games| friv4school|
happy wheels| fighting games

Periya Samy said...

Making video calls is one of the most ideal methods for interfacing with companioNs particularly the individuals who dwell abroad
IMO FOR NOKIA ASHA
IMO FOR NOKIA LUMIA
IMO FOR NOKIA ASHA
IMO FOR NOKIA LUMIA
IMO FOR NOKIA ASHA
IMO FOR NOKIA LUMIA
Making video calls is one of the most ideal methods for interfacing with companioNs particularly the individuals who dwell abroad
IMO FOR NOKIA ASHA
IMO FOR NOKIA LUMIA
IMO FOR NOKIA ASHA
IMO FOR NOKIA LUMIA
IMO FOR NOKIA ASHA
IMO FOR NOKIA LUMIA
Making video calls is one of the most ideal methods for interfacing with companioNs particularly the individuals who dwell abroad
IMO FOR NOKIA ASHA
IMO FOR NOKIA LUMIA
IMO FOR NOKIA ASHA
IMO FOR NOKIA LUMIA
IMO FOR NOKIA ASHA
IMO FOR NOKIA LUMIA

Anonymous said...

happyteddydayimages.com
www.happyteddydayimages.com
happy teddy day images
happy teddy day
cute teddy bears
personalised teddy bears
custom teddy bears
happy teddy day images
happy teddy day pics
happy teddy day quotes
happy teddy day photos
happy teddy day 2016
happy teddy day photo
happy teddy day status
happy teddy day pictures
happy teddy day msg
happy teddy day shayari
happy teddy day messages
happy teddy day greetings
happy teddy day video
happy teddy day cards
happy birthday teddy bears
happy birthday with teddy
valentine teddy bears
valentine teddy day
teddy for valentines day
happy valentines day teddy
teddy day valentine week
happy valentine teddy
happy teddy day sms
best teddy day sms
valentine teddy day sms
happy teddy day wallpaper
happy teddy day wallpapers
love teddy wallpapers
wallpapers teddy bears love
teddy love wallpapers
happy teddy day wishes
teddy day wishes for lover
teddy wishing happy birthday
best friend teddy bears

Australian Open 2016 Live Streaming said...

Very amazing and great post indeed, thanks for sharing with us... have a look on these links... australian open 2016 live
australian open 2016
australian open live
watch australian open 2016
australian open fixtures
australian open 2016 opening ceremony live
australian open predictions
federer vs nadal australian open 2016

Emily Clarke said...

game of thrones season 6 online free
watch game of thrones season 6 online
game of thrones season 6 streaming

Ride Along said...
This comment has been removed by the author.
Ride Along said...


Putlocker Movies
Vodlocker Movies
Megashare Movies
Viooz Movies

Anonymous said...

valentine's day gift ideas for my best friend
valentine's day gift ideas for wife and mother
valentine's day gift ideas for your best friend
valentine's day gift ideas that don't cost money
valentine's day gift ideas to get your boyfriend
valentine day gift ideas for husband indian
valentine day gift ideas for new couples
valentine day gift ideas for pregnant wife
valentine day gift ideas for your boyfriend
valentine's day gift basket ideas for him
valentine's day gift craft ideas for him
valentine's day gift ideas for car lovers
valentine's day gift ideas for elementary school
valentine's day gift ideas for engaged couples
valentine's day gift ideas for expecting father
valentine's day gift ideas for expecting mother
valentine's day gift ideas for him homemade
valentine's day gift ideas for police officers
special valentine gift ideas valentine's day
valentine day gift ideas for teachers
valentine's day gift ideas for employees
valentine's day gift ideas for mom
valentine's day gift ideas for grandparents
valentine's day gift ideas for sister

Anonymous said...

Are you fan of wwe? then this the right place for you
Royal Rumble 2016 Live

Royal Rumble 2016 results

wwe royal rumble 2016 matches

wwe royal rumble 2016 winner

Siya Ke Ram

Siya Ke Ram Serial

Siya Ke Ram Star Plus

Siya Ke Ram Star Cast

Siya Ke Ram Episodes

happy wheels said...

Thanks, you guys that is a great explanation. keep up the good work in your granite blog.
agario
happy wheels
car games
pacman
plants vs zombies
solitaire

Anonymous said...

Valentine’s day gift ideas for my best friend|wife| mother
Valentine’s day gift ideas for someone you just started dating
Valentine Day gift ideas for her|women| girlfriend
Valentine day gift ideas for Him| Boyfriend| Husband
Valentine’s day gift ideas for my best friend|wife| mother
Valentine’s day gift ideas for someone you just started dating
Valentine Day gift ideas for her|women| girlfriend
Valentine day gift ideas for Him| Boyfriend| Husband

Anonymous said...


Saala Khadoos Cast Crews
Saala Khadoos Trailer
Saala Khadoos Movie Release Date
Saala Khadoos Movie Star Cast
Saala Khadoos Movie Box Office Collection
Saala Khadoos Movie Dil Ye Ladaku Lyrics
Saala Khadoos Movie Dhuan Hai Dhuan LyricS
Saala Khadoos Title Song Lyrics
Saala Khadoos Movie Chak De India Mary Com
Saala Khadoos Movie Jhalli Ptalha Lyrics

youtube to mp3 said...


This is a great article, that I really enjoyed reading. Thanks for sharing.

usps tracking
weather
facebook video downloader

Admin said...

valentines day 2016 - valentines Day Images, Valentines Day 2016 Quotes, Wishes, SMS, Pictures, Greetings, Messages for Valentine Day 2016 Free Download

Sandeep Rathor said...

Don't Forget For Visit Our Given Below Links
Valentines Day 2016 Images
Valentines Day Unique Gift Ideas
Maha Shivratri 2016 Images
IPL 2016 Prediction
IPL 2016 Live Scores
ICC World Cup 2016 Live Score
ICC World Cup 2016 Prediction
Rose day 2016 Images
Happy Propose day 2016 Wishes
Whatsapp DP Images

Valentines Day Whatsapp Images
Valentines Day 2016 HD Images
Valentines Day HD Images
Happy Valentines Day 2016 Pics
Rose Day 2016 Images
Happy Propose Day Images
Chocolate Day 2016 Images
Teddy Day HD Images
Promise Day 2016 Images
Happy Promise Day 2016 Images
Teddy Day Whatsapp Images
Chocolate Day 2016 Wishes
Propose Day 2016 HD Pics
Rose Day 2016 Real Rose
Happy Valentines Images for Facebook
Propose day whatsapp Images
Valentines Day Images for FB

Periya Samy said...

Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016
Whatsapp 2016

Ankit Das said...

Happy Valentines Day 2016

Valentines Day Images

Happy Valentines Day Images

Rose Day SMS

Rose Day Quotes

Rose Day Wishes

Gajraj Sharma said...

valentine wishes
valentine message for husband
valentine message for wife
valentine message for boyfriend
valentine message for girlfriend
valentine quotes for facebook
valentine day quotes
valentine quotes for husband
valentine quotes for wife
valentine quote for whatsapp
valentine quote for boyfriend
valentine quote for girlfriend
valentine wishes for wife
valentine wishes for husband
valentine wishes for girlfriend
valentine wishes for boyfriend
valentine day card for girlfriend funny valentine day poem for husband,wife,boyfriend
9 valentine poem for wife
valentine poem for husband

Emily Clarke said...

fast and furious 8 full movie online

game of thrones season 6 online streaming

Oscars 2016 live streaming

watch Pacquiao Vs Bradley online

watch ufc 196 online

geordie shore online streaming

teen wolf online streaming

mohammad ghorbani said...

لوله بازکنی با فنر - راهبند پارکینگ - قیمت فیلمبرداری عروسی تهران - - انجام پایان نامه - - اخبار ایران - تعمیر لباسشویی - اخبار اقتصادی جدید - ترجمه ارزان -

Eden Alaster said...

The postings on your site are always excellent. Thanks for the great share and keep up this great work!
Accounting Online Homework Help

Wilson Larrie said...

Thank you a lot for taking the time for you personally to share such a nice info. I in fact choose to reading your post.
Dissertation Proposal Assignment Help Online
Matlab Assignment Help

Brian Joseph said...

Professional Ebook Writing Service
I appreciate this work amazing post for us I like it.

James Andy said...

Interesting post ! Thanks for share unique and useful knowledge with us .
College Term Papers Writing Services

Mike Jasson said...

good to share the human rights. it is very informative post . you ever share here.
Accounting Homework Help

Mike Jasson said...

Medical Thesis Help
This is a very great & impressive article for me by you.