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Aspects of Optimal Unemployment Insurance : Search, Leisure and Capital Market Imperfections
Flemming, John S. - 2021
The object of this paper is to examine the importance of capital market assumptions. A special continuous-time model is developed in sections II-IV which is applicable to the perfect capital market case. It can also be used when there is no capital market at all (section IV). For 'reasonable'...
Persistent link: https://www.econbiz.de/10013249174
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Labor Market Institutions, Wages, and Investment
Pischke, Jörn-Steffen - 2022
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/10013322870
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Quantitative Macroeconomics with Heterogeneous Households
Heathcote, Jonathan; Storesletten, Kjetil; Violante, … - 2022
channels of insurance? Third, how does idiosyncratic risk interact with aggregate risk? …
Persistent link: https://www.econbiz.de/10013322143
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How Much Consumption Insurance Beyond Self-Insurance?
Kaplan, Greg - 2010
, the age profile of the insurance coefficient is sharply increasing, whereas BPP find no clear age slope in their estimate … estimator of the true insurance coefficient has, in general, a downward bias that grows as borrowing limits become tighter …
Persistent link: https://www.econbiz.de/10013149989
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Unemployment and Insurance
Rosen, Sherwin - 2021
transactions cost-mobility constraints. Contracts provide full unemployment insurance for risks that are diversifiable by pooling … among firms. Nondiversifiable (macro) risks are only partially shifted,largely through self-insurance (contingency saving … value because it reduces lifetime consumption. The main empirical implication of contract theory is shown to be closely …
Persistent link: https://www.econbiz.de/10013221319
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Implications of the Illinois Reemployment Bonus Experiments for Theories of Unemployment and Policy Design
Meyer, Bruce D. - 2021
Reemployment bonus experiments offer large lump sum payments to unemployment insurance (UI) recipients who find a job …
Persistent link: https://www.econbiz.de/10013248100
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Optimal Price Indices for Targeting Inflation Under Incomplete Markets
Anand, Rahul - 2011
In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. In this paper, we develop a two-sector two-good closed economy new Keynesian model to study the optimal choice of price index in markets with...
Persistent link: https://www.econbiz.de/10013133080
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On the Pricing of Intermediated Risks : Theory and Application to Catastrophe Reinsurance
Froot, Kenneth - 2010
We model the equilibrium price and quantity of risk transfer between firms and financial intermediaries. Value-maximizing firms have downward sloping demands to cede risk, while intermediaries, who assume risk, provide less-than-fully-elastic supply. We show that equilibrium required returns...
Persistent link: https://www.econbiz.de/10013135141
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Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity
Khan, Aubhik - 2011
We study the cyclical implications of credit market imperfections in a calibrated dynamic, stochastic general equilibrium model wherein firms face persistent shocks to aggregate and individual productivity. In our model economy, optimal capital reallocation is distorted by two frictions:...
Persistent link: https://www.econbiz.de/10013121072
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Customer Capital
Gourio, Francois - 2011
Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product markets, which require firms to spend resources on customer acquisition, this paper develops a search theoretic model of firm dynamics in frictional product markets. Introducing...
Persistent link: https://www.econbiz.de/10013122655