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Download or read book Optimal Unemployment Insurance in a Matching Equilibrium written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andreas Pollak
Publisher : Mohr Siebeck
ISBN 13 : 9783161493041
Total Pages : 204 pages
Book Rating : 4.4/5 (93 download)
Download or read book Optimal Unemployment Insurance written by Andreas Pollak and published by Mohr Siebeck. This book was released on 2007 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designing a good unemployment insurance scheme is a delicate matter. In a system with no or little insurance, households may be subject to a high income risk, whereas excessively generous unemployment insurance systems are known to lead to high unemployment rates and are costly both from a fiscal perspective and for society as a whole. Andreas Pollak investigates what an optimal unemployment insurance system would look like, i.e. a system that constitutes the best possible compromise between income security and incentives to work. Using theoretical economic models and complex numerical simulations, he studies the effects of benefit levels and payment durations on unemployment and welfare. As the models allow for considerable heterogeneity of households, including a history-dependent labor productivity, it is possible to analyze how certain policies affect individuals in a specific age, wealth or skill group. The most important aspect of an unemployment insurance system turns out to be the benefits paid to the long-term unemployed. If this parameter is chosen too high, a large number of households may get caught in a long spell of unemployment with little chance of finding work again. Based on the predictions in these models, the so-called "Hartz IV" labor market reform recently adopted in Germany should have highly favorable effects on the unemployment rates and welfare in the long run.
Author : Camille Landais
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (129 download)
Download or read book Optimal Unemployment Insurance Over the Business Cycle written by Camille Landais and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper analyzes optimal unemployment insurance over the business cycle in a search model in which unemployment stems from matching frictions (in booms) and job rationing (in recessions). Job rationing during recessions introduces two novel effects ignored in previous studies of optimal unemployment insurance. First, job-search efforts have little effect on aggregate unemployment because the number of jobs available is limited, independently of matching frictions. Second, while job-search efforts increase the individual probability of finding a job, they create a negative externality by reducing other jobseekers' probability of finding one of the few available jobs. Both effects are captured by the positive and countercyclical wedge between micro-elasticity and macro-elasticity of unemployment with respect to net rewards from work. We derive a simple optimal unemployment insurance formula expressed in terms of those two elasticities and risk aversion. The formula coincides with the classical Baily-Chetty formula only when unemployment is low, and macro- and micro-elasticity are (almost) equal. The formula implies that the generosity of unemployment insurance should be countercyclical. We illustrate this result by simulating the optimal unemployment insurance over the business cycle in a dynamic stochastic general equilibrium model calibrated with US data
Author : Stephen A. Woodbury
Publisher : Springer Science & Business Media
ISBN 13 : 9401002355
Total Pages : 244 pages
Book Rating : 4.4/5 (1 download)
Download or read book Search Theory and Unemployment written by Stephen A. Woodbury and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Search Theory and Unemployment contains nine chapters that survey and extend the theory of job search and its application to the problem of unemployment. The volume ranges from surveys of job search theory that take microeconomic and macroeconomic perspectives to original theoretical contributions which focus on the externalities arising from non-sequential search and search under imperfect information. It includes a clear and authoritative survey of econometric methods that have been developed to estimate models of job search, as well as two lucid contributions to the empirical search literature. Finally, it includes a study that reviews and extends the literature on optimal unemployment insurance and concludes with an appraisal of the influence of search theory on the thinking of macroeconomic policymakers.
Author : Peter Fredriksson
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Optimal Unemployment Insurance in Search Equilibrium written by Peter Fredriksson and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should unemployment benefits be paid indefinitely at a fixed rate, or should it decline (or increase) over a worker's unemployment spell? We examine these issues using an equilibrium model of search unemployment. The model features worker-firm bargaining over wages, free entry of new jobs, and endogenous search effort among the unemployed. The main result is that an optimal insurance program implies a declining benefit sequence over the spell of unemployment. Numerical calibrations of the model suggest that there may be non-trivial welfare gains associated with switching from an optimal uniform benefit structure to an optimally differentiated system.
Author : Kurt Mitman
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Pro-Cyclical Unemployment Benefits? Optimal Policy in an Equilibrium Business Cycle Model written by Kurt Mitman and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the optimal provision of unemployment insurance (UI) over the business cycle. We use an equilibrium search and matching model with aggregate shocks to labor productivity, incorporating risk-averse workers, endogenous worker search effort decisions, and unemployment benefit expiration. We characterize the optimal UI policy, allowing both the benefit level and benefit duration to depend on the history of past aggregate shocks. We find that the optimal benefit is decreasing in current productivity and decreasing in current unemployment. Following a drop in productivity, benefits initially rise in order to provide short-run relief to the unemployed and stabilize wages, but then fall significantly below their pre-recession level, in order to speed up the subsequent recovery. Under the optimal policy, the path of benefits is pro-cyclical overall. As compared to the existing U.S. UI system, the optimal history-dependent benefits smooth cyclical fluctuations in unemployment and deliver substantial welfare gains.
Author : Michael John Nipple
Publisher :
ISBN 13 :
Total Pages : 98 pages
Book Rating : 4.:/5 (128 download)
Download or read book Optimal Unemployment Insurance in a Model With Skill Loss and Match Quality Uncertainty written by Michael John Nipple and published by . This book was released on 2013 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation makes a contribution to the question of how best to set the rate of unemployment compensation. Previous research on this topic has emphasized the behavioral response of non-workers to various incentives created by unemployment insurance. Recent work has emphasized two new features. One is the importance of including savings in the model, and the other the recognition that skills tend to rise during employment and fall during unemployment spells. This thesis seeks to combine all three features, search incentives, savings, and skill change effects. The strategy is to develop an unemployment model with these features and to obtain parameters values from a variety of sources, including SIPP data and research by other authors on related questions. The model is then simulated for various ranges of policy choices. The primary policy choice is the benefit replacement ratio, a number that determines the actual level of unemployment compensation. Taxes are set under different assumptions. In some cases, taxes are set to achieve budget balance. In other cases, taxes are set independently of benefit levels. This feature assumes the possibility of a subsidy from other sources, but it allows for a study of the independent incentive effects of benefits and tax rates. Results from the simulations using the most likely parameter specification indicate that a replacement ratio of 58\% is best. A replacement ratio slightly higher than the optimal ratio can lead to a large decrease in average utility, and is problematic. When human capital changes are relatively less responsive to unemployment and employment duration, longer unemployment spells are more desirable as they lead to better matches. When the effect of taxes and benefits are looked at separately, the benefit ratio aspects matters more than the tax rate.
Author : John Hassler
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Equilibrium Unemployment Insurance written by John Hassler and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we incorporate a positive theory of unemployment insurance into a dynamic overlapping generations model with search-matching frictions and on-the-job learning-by-doing. The model shows that societies populated by identical rational agents, but differing in the initial distribution of human capital across agents, may choose very different unemployment insurance levels in a politico-economic equilibrium. The interaction between the political decision about the level of the unemployment insurance and the optimal search behavior of the unemployed gives rise to a self-reinforcing mechanism whichmay generate multiple steady-state equilibria. In particular, a European-type steady-state with high unemployment, low employment turnover and high insurance can co-exist with an American-type steady-state with low unemployment, high employment turnover and low unemployment insurance. A calibrated version of the model features two distinct steady-state equilibria with unemployment levels and duration rates resembling those of the U.S. and Europe, respectively.
Author : Bruno Van der Linden
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (249 download)
Download or read book Unemployment Insurance and Training in an Equilibrium Matching Model with Heterogeneous Agents written by Bruno Van der Linden and published by . This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christopher A. Pissarides
Publisher : MIT Press
ISBN 13 : 0262264064
Total Pages : 273 pages
Book Rating : 4.2/5 (622 download)
Download or read book Equilibrium Unemployment Theory, second edition written by Christopher A. Pissarides and published by MIT Press. This book was released on 2000-03-02 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This approach to labor market equilibrium and unemployment has been successful in explaining the determinants of the "natural" rate of unemployment and new data on job and worker flows, in modeling the labor market in equilibrium business cycle and growth models, and in analyzing welfare policy. The second edition contains two new chapters, one on endogenous job destruction and one on search on the job and job-to-job quitting. The rest of the book has been extensively rewritten and, in several cases, simplified.
Author : Kenneth L. Judd
Publisher : MIT Press
ISBN 13 : 0262547740
Total Pages : 657 pages
Book Rating : 4.2/5 (625 download)
Download or read book Numerical Methods in Economics written by Kenneth L. Judd and published by MIT Press. This book was released on 2023-04-04 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: To harness the full power of computer technology, economists need to use a broad range of mathematical techniques. In this book, Kenneth Judd presents techniques from the numerical analysis and applied mathematics literatures and shows how to use them in economic analyses. The book is divided into five parts. Part I provides a general introduction. Part II presents basics from numerical analysis on R^n, including linear equations, iterative methods, optimization, nonlinear equations, approximation methods, numerical integration and differentiation, and Monte Carlo methods. Part III covers methods for dynamic problems, including finite difference methods, projection methods, and numerical dynamic programming. Part IV covers perturbation and asymptotic solution methods. Finally, Part V covers applications to dynamic equilibrium analysis, including solution methods for perfect foresight models and rational expectation models. A website contains supplementary material including programs and answers to exercises.
Author : Barbara Petrongolo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)
Download or read book Looking Into the Black Box written by Barbara Petrongolo and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steven E. Landsburg
Publisher : Simon and Schuster
ISBN 13 : 1471112233
Total Pages : 364 pages
Book Rating : 4.4/5 (711 download)
Download or read book The Armchair Economist written by Steven E. Landsburg and published by Simon and Schuster. This book was released on 2012-05-10 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Air bags cause accidents, because well-protected drivers take more risks. This well-documented truth comes as a surprise to most people, but not to economists, who have learned to take seriously the proposition that people respond to incentives. In The Armchair Economist, Steven E. Landsburg shows how the laws of economics reveal themselves in everyday experience and illuminate the entire range of human behavior. Why does popcorn cost so much at the cinema? The 'obvious' answer is that the owner has a monopoly, but if that were the whole story, there would also be a monopoly price to use the toilet. When a sudden frost destroys much of the Florida orange crop and prices skyrocket, journalists point to the 'obvious' exercise of monopoly power. Economists see just the opposite: If growers had monopoly power, they'd have raised prices before the frost. Why don't concert promoters raise ticket prices even when they are sure they will sell out months in advance? Why are some goods sold at auction and others at pre-announced prices? Why do boxes at the football sell out before the standard seats do? Why are bank buildings fancier than supermarkets? Why do corporations confer huge pensions on failed executives? Why don't firms require workers to buy their jobs? Landsburg explains why the obvious answers are wrong, reveals better answers, and illuminates the fundamental laws of human behavior along the way. This is a book of surprises: a guided tour of the familiar, filtered through a decidedly unfamiliar lens. This is economics for the sheer intellectual joy of it.
Author : Pierre Cahuc
Publisher : MIT Press
ISBN 13 : 0262027704
Total Pages : 1081 pages
Book Rating : 4.2/5 (62 download)
Download or read book Labor Economics, second edition written by Pierre Cahuc and published by MIT Press. This book was released on 2014-08-01 with total page 1081 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new edition of a widely used, comprehensive graduate-level text and professional reference covering all aspects of labor economics, with substantial new material. This landmark graduate-level text combines depth and breadth of coverage with recent, cutting-edge work in all the major areas of modern labor economics. Its command of the literature and its coverage of the latest theoretical, methodological, and empirical developments make it also a valuable resource for practicing labor economists. This second edition has been substantially updated and augmented. It incorporates examples drawn from many countries, and it presents empirical methods using contributions that have proved to be milestones in labor economics. The data and codes of these research publications, as well as numerous tables and figures describing the functioning of labor markets, are all available on a dedicated website (www.labor-economics.org), along with slides that can be used as course aids and a discussion forum. This edition devotes more space to the analysis of public policy and the levers available to policy makers, with new chapters on such topics as discrimination, globalization, income redistribution, employment protection, and the minimum wage or labor market programs for the unemployed. Theories are explained on the basis of the simplest possible models, which are in turn related to empirical results. Mathematical appendixes provide a toolkit for understanding the models.
Author : Etienne Lehmann
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book On the Optimality of Search Matching Equilibrium When Workers are Risk Averse written by Etienne Lehmann and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the normative properties of search-matching economies when homogeneous workers have concave utility functions and wages are bargained over. The optimal allocation of resources is characterized first when information is perfect and second when search effort is not observable. In the former case, employees should be unable to extract a rent. The optimal marginal tax rate is then 100%. As search effort becomes unobservable, an appropriate positive rent is needed and the optimal marginal tax rate is lower. Moreover, the pretax wage is lower in order to boost labor demand. Finally, in both cases, nonlinear income taxation is a key complement to unemployment insurance.
Author : United States. Bureau of Employment Security
Publisher :
ISBN 13 :
Total Pages : 358 pages
Book Rating : 4.E/5 ( download)
Download or read book The Insured Unemployed written by United States. Bureau of Employment Security and published by . This book was released on 1960 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Romain A Duval
Publisher : International Monetary Fund
ISBN 13 : 1498313264
Total Pages : 58 pages
Book Rating : 4.4/5 (983 download)
Download or read book Designing Labor Market Institutions in Emerging and Developing Economies written by Mr.Romain A Duval and published by International Monetary Fund. This book was released on 2019-05-21 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses theoretical aspects and evidences related to designing labor market institutions in emerging market and developing economies. This note reviews the state of theory and evidence on the design of labor market institutions in a developing economy context and then reviews its consistency with actual labor market advice in a selected set of emerging and developing economies. The focus is mainly on three broad sets of institutions that matter for both workers’ protection and labor market efficiency: employment protection, unemployment insurance and social assistance, minimum wages and collective bargaining. Text mining techniques are used to identify IMF recommendations in these areas in Article IV Reports for 30 emerging and frontier economies over 2005–2016. This note has provided a critical review of the literature on the design of labor market institutions in emerging and developing market economies, and benchmarked the advice featured in IMF recommendations for 30 emerging market and frontier economies against the tentative conclusions from the literature.
