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Should unemployment insurance be asset-tested
Koehne, Sebastian; Kuhn, Moritz - 2013
We study asset-tested unemployment insurance in an incomplete markets model with moral hazard during job search. Asset … testing has two counteracting effects on welfare. On the one hand, it improves consumption insurance by introducing state … time-discount factors. We conclude that the current U.S. unemployment insurance system is approximately optimal. …
Persistent link: https://www.econbiz.de/10009765509
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Short-time work subsidies in a matching model
Meier, Volker - 2018
We consider positive and normative aspects of subsidizing work arrangements where subsidies are paid in time of low demand and reduced working hours so as to stabilize workers' income. In a matching framework such an arrangement increases labor demand. Tightening eligibility to short-time work...
Persistent link: https://www.econbiz.de/10011924471
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Labor market institutions, wages, and investment : presented at CESifo Area Conference on Employment and Social Protection, June 2004
Pischke, Jörn-Steffen - 2004
Labor market institutions, via their effect on the wage structure, affect the investment decisions of firms in labor markets with frictions. This observation helps explain rising wage inequality in the US, but a relatively stable wage structure in Europe in the 1980s. These different trends are...
Persistent link: https://www.econbiz.de/10011450828
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The liquidity channel of fiscal policy
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020
We provide evidence that expansionary fiscal policy lowers the return difference between more and less liquid assets—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice, in which public...
Persistent link: https://www.econbiz.de/10012231567
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The distributional effects of peer and aspirational pressure
Angelopulos, Kōnstantinos; Lazarakis, Spyridon; … - 2019
We develop a theoretical framework where the cross-sectional distributions of hours, earnings, wealth and consumption are determined jointly with a set of expenditure targets defining peer and aspirational pressure for members of different social classes. We show existence of a stationary...
Persistent link: https://www.econbiz.de/10012103597
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Shocks, frictions, and inequality in US business cycles
Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...
Persistent link: https://www.econbiz.de/10012162730
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The employment effect of reforming a public employment agency
Launov, Andrey; Wälde, Klaus - 2015
By how much does an increase in operating effectiveness of a public employment agency (PEA) and a reduction of unemployment benefits reduce unemployment? Using a recent labour market reform in Germany as background, we find that an enhanced effectiveness of the PEA explains about 20% of the...
Persistent link: https://www.econbiz.de/10011309228
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Labor market institutions and the cost of recessions
Krebs, Tom; Scheffel, Martin - 2016
This paper studies the effect of two labor market institutions, unemployment insurance (UI) and job search assistance …
Persistent link: https://www.econbiz.de/10011580666
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Business cycles, unemployment insurance, and the calibration of matching models
Costain, James; Reiter, Michael - 2003
This paper points out an empirical failing of real business cycle models in which unemployment is endogenized through a matching function. One can easily choose a calibration to make the cyclical fluctuation in unemployment as large in the model as it is in the data, or to make the response of...
Persistent link: https://www.econbiz.de/10011509369
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A positive theory of geographic mobility and social insurance
Hassler, John; Rodríguez Mora, José Vicente; … - 2002
in geographical mobility, unemployment and labor market institutions. Rational agents vote over unemployment insurance … (UI), taking the dynamic distortionary e.ects of insurance on the performance of the labor market into consideration … unemployment, low geographical mobility and high unemployment insurance, and one American steadystate featuring low unemployment …
Persistent link: https://www.econbiz.de/10011539071