This paper analyzes the welfare effects of the Italian social security system in an economy with uncertainty on wages …

future utility when uncertainty increases over time. The more we know about the future welfare consequences of our (in …)actions, the more weight they receive. If uncertainty is endogenous to the decision process, the new rationale for discounting will …

We investigate the relationship between unemployment and growth in China. We find considerable differences in the … find a hump-shaped relationship between unemployment and our proxy for the speed of reform. The current unemployment in …

unemployment and its underlying duration distribution. We develop an analytically and computationally tractable stochastic … equilibrium model with heterogenous labor markets. In this model three different types of unemployment arise: search, rest and … reallocation unemployment. We document new evidence on unemployed workers’ gross occupational mobility and use it to calibrate the …

We introduce unemployment and endogenous selection of workers into different skill-classes in a trade model with two … sectors and heterogeneous firms. This allows us to study the distributional consequences and the skill-specific unemployment … real wages and unemployment levels in the unskilled labor intensive sector. However, the inequality of workers between …