In this paper we examine the consequences of a decrease in exits of older workers on youth employment, allowing for job-to-job áows. We distinguish between young workers with no experience and experienced workers and we consider jobs with di§erent experience requirements. Using a theoretical matching model with heterogeneous jobs and workers, we point out that a fall in the exit rate of older workers increases job-to-job áows, which makes Örms more reluctant to open jobs for young workers. Then, we provide some empirical evidence for the Italian case.