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Download or read book Optimal Unemployment Insurance in an Estimated Job Search Model with Sawings written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rasmus Lentz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (872 download)
Download or read book CAM Working Papers written by Rasmus Lentz and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Unemployment Insurance in an Estimated Job Search Model with Savings written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jeremy S. Schwartz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Optimal Unemployment Insurance When Search Takes Effort and Money written by Jeremy S. Schwartz and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Searching for work is costly. It involves finding available positions, completing applications, and attending interviews, to name but a few of the activities involved. The optimal unemployment insurance (UI) literature models the cost of these activities as either a reduction in leisure or an unpleasant bad that reduces utility, ignoring their associated monetary costs. If search requires out of pocket expenses on goods and services that improve the probability of a successful job search, a low UI benefit may make a job search unaffordable. This paper investigates the optimal structure of UI in an economy where job search is not only unpleasant, but also requires a monetary investment. Numerical experiments suggest that without access to capital markets, the optimal UI system should include a higher benefit for the newly unemployed than is implied by assuming a job search is free. This allows workers to purchase the stock of goods and services needed to find work. In contrast, when workers can accumulate savings, more benefits should be provided to the long-term unemployed, so they have the financial resources needed to conduct a job search even as they exhaust their own savings.
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 : 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 : Gerard Tano
Publisher :
ISBN 13 : 9783659273308
Total Pages : 0 pages
Book Rating : 4.2/5 (733 download)
Download or read book Optimal Unemployment Insurance in a Job Search written by Gerard Tano and published by . This book was released on 2012-10-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Carl Davidson
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.E/5 ( download)
Download or read book Optimal Unemployment Insurance written by Carl Davidson and published by . This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Mauro Roca
Publisher : International Monetary Fund
ISBN 13 : 1451873352
Total Pages : 39 pages
Book Rating : 4.4/5 (518 download)
Download or read book Search in the Labor Market under Imperfectly Insurable Income Risk written by Mr.Mauro Roca and published by International Monetary Fund. This book was released on 2009-09-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a general equilibrium model with unemployment and noncooperative wage determination to analyze the importance of incomplete markets when risk-averse agents are subject to idiosyncratic employment shocks. A version of the model calibrated to the U.S. shows that market incompleteness affects individual behavior and aggregate conditions: it reduces wages and unemployment but increases vacancies. Additionally, the model explains the average level of unemployment insurance observed in the U.S. A key mechanism is the joint influence of imperfect insurance and risk aversion in the wage bargaining. The paper also proposes a novel solution to solve this heterogeneous-agent model.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1589066510
Total Pages : 212 pages
Book Rating : 4.5/5 (89 download)
Download or read book IMF Staff Papers, Volume 54, No. 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2007-05-30 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This issue features a timely paper by Vladimir Klyuev and Paul Mills on the role of personal wealth and home equity withdrawal in the decline in the U.S. saving rate. Lusine Lusinyan and Leo Bonato explain how work absence in 18 European countries affects labor supply and demand. And a paper by Paolo Manasse (University of Bologna) entitled "Deficit Limits and Fiscal Rules for Dummies" examines fiscal frameworks.
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 : Paola Potestio
Publisher : Springer Nature
ISBN 13 : 3030913198
Total Pages : 182 pages
Book Rating : 4.0/5 (39 download)
Download or read book Modelling Unemployment Insurance written by Paola Potestio and published by Springer Nature. This book was released on 2022-01-28 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines unemployment insurance policy through a survey, taking stock of the theoretical work in the field of labor economics. It closely follows and assesses developments in the modelling of optimal unemployment insurance (UI) policies, beginning with the initial analytical findings produced in the second half of the 1970s. A main part of the survey is devoted to the two basic strands of analysis about, respectively, the optimal level of UI benefits and the optimal time profile of UI policy. The book has two different objectives. The first is to provide an essential summary of the individual models, with the intention of underscoring how a number of specific messages for the policy-maker can be derived from analytical constructions. It further emphasizes and comments on what the models deliver to UI policy-makers. The second objective is to stress the importance and extension of open questions in the field of the theoretical approach to the unemployment insurance issue. The survey discusses the multiplicity of heterogeneities of the labor world in particular as relevant for UI issues on the one side, and on the other hand, the independence of the two basic choices of UI policy, its meaning and its limits, and the possible forms of complementarity between these choices. The book is a must-read for researchers, students, and policy-makers interested in a better understanding of the field of labor economics in general, as well as unemployment insurance policies in particular.
Author : Jan Boone
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.X/5 (6 download)
Download or read book Optimal Unemployment Insurance with Monitoring and Sanctions written by Jan Boone and published by . This book was released on 2001 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Tom Krebs
Publisher : International Monetary Fund
ISBN 13 : 1616350105
Total Pages : 42 pages
Book Rating : 4.6/5 (163 download)
Download or read book Macroeconomic Evaluation of Labor Market Reform in Germany written by Mr.Tom Krebs and published by International Monetary Fund. This book was released on 2013-02-13 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2005 the German government implemented the so-called Hartz IV reform, which amounted to a complete overhaul of the German unemployment insurance system and resulted in a significant reduction in unemployment benefits for the long-term unemployed. In this paper, we use an incomplete-market model with search unemployment to evaluate the macro-economic and welfare effects of the Hartz IV reform. We calibrate the model economy to German data before the reform and then use the calibrated model economy to simulate the effects of Hartz IV. In our baseline calibration, we find that the reform has reduced the long-run (noncyclical) unemployment rate in Germany by 1.4 percentage points. We also find that the welfare of employed households increases, but the welfare of unemployed households decreases even with moderate degree of risk aversion.
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 : Laura Khoury
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (116 download)
Download or read book Optimal Unemployment Insurance and On-the-job Behaviours written by Laura Khoury and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social insurances are an important component of welfare states in developed countries.They have been set up to meet the twofold objective of improving efficiency, in acontext where information is not available to all parties, and enhancing equity bysharing the cost of insurance across risk types. If this general principle achievesconsensus, the question of the optimal level of insurance that should be providedis at the centre of the policy and scientific debate. This dissertation addresses theissue of the optimal design of unemployment insurance (UI), taking into account howUI parameters can affect the behaviour of firms and workers either before, duringor after unemployment. It contributes to the literature in three ways: (i) it drawsthe attention on the interaction between UI design and on-the-job behaviours wherethe focus has mainly been on the response of job-seekers to UI parameters duringunemployment; (ii) using rich administrative data, it empirically reveals the existenceand potential costs of such behavioural responses; (iii) it tests the empirical validityof theoretical arguments usually put forward as a motivation for public interventionin the UI market, namely adverse selection and individual optimisation failures.Chapter 1 assesses the effect of a UI program letting some job-seekers choosebetween low benefits for a long duration or higher benefits for a shorter duration. Iuse this uncommon choice feature in nationally-mandated UI schemes to understandthe determinants of the choice and its consequences. Using a rich set of covariates, Idocument the existence of adverse selection, and relate the choice of the high-benefitoption to observable characteristics generally associated to a lower risk-aversion or ahigher impatience. My results also reveal a high moral hazard cost, as job-seekersopting for higher benefits are predicted to stay unemployed longer. This negativeimpact that is even higher for job-seekers with a high initial unemployment risk.Chapter 2 shows that a discontinuous increase in the level of UI benefits at atenure threshold leads to the strategic scheduling of layoffs in order to maximise thesurplus from separation. I use the bunching methodology to quantify the extensionof the employment spell in response to the increase in UI benefits. Results suggestthat this extension is the result of an individual bargaining process between theworker and the employer. I argue that workers trade higher UI benefits against areduction in the cost or the risk associated to the layoff, through a lower probabilityto claim damages, lower severance payment or a lower reputational cost. Chapter 3 analyses the effect of the UI eligibility criteria imposing a minimumemployment record to claim benefits on pre and post-unemployment outcomes. Ithighlights a separation response through a jump in employment outflows at theeligibility threshold. Exploiting a reform that reduced the minimum employmentrecord, we show that, in some sectors, this separation response translates into ahigher number of contracts whose duration exactly coincides with the new workhistory condition. This suggests that, in some sectors, the change in the UI eligibilitycriteria contributed to shape a new norm regarding the duration of short contracts.It would imply that UI parameters do not only affect the outcomes of job-seekersbefore, during and after unemployment, but also the outcomes of workers who donot experience unemployment. The last part of the chapter evaluates the extensivemargin effect of UI benefits. Receiving UI benefits as opposed to not receiving anybenefit at all has a negative impact on future employment probability, that does notseem to be compensated by an improvement in terms of job quality.
