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While the Unemployment Insurance (UI) program is one of the largest safety net program in the U.S., research on its benefits is limited. This paper exploits plausibly exogenous changes in state UI laws to empirically estimate whether UI generosity mitigates any of the previously documented...
Persistent link: https://www.econbiz.de/10012915651
We study the optimal provision of insurance against unobservable idiosyncratic shocks in a setting in which a benevolent government cannot commit. A continuum of agents and the government play an infinitely repeated game. Actions of the government are constrained only by the threat of reverting...
Persistent link: https://www.econbiz.de/10013044626
This paper examines how unemployment affects retirement and whether the Unemployment Insurance (UI) system and Social Security (SS) system affect how older workers respond to labor market shocks. To do so, we use pooled cross-sectional data from the March Current Population Survey (CPS) as well...
Persistent link: https://www.econbiz.de/10012760622
This paper studies the impact of unemployment insurance (UI) on consumer credit markets. Exploiting heterogeneity in UI generosity across U.S. states and over time, we find that UI helps the unemployed avoid defaulting on their mortgage debt. We estimate that UI expansions during the Great...
Persistent link: https://www.econbiz.de/10013049690
This paper begins by discussing the nature of and rationale for social insurance programs. I then consider three political principles and four economic principles that could guide the design and reform of social insurance programs. These ideas are then applied to unemployment insurance, Social...
Persistent link: https://www.econbiz.de/10013236730
This paper considers fiscal policy during the pandemic through the lens of optimal social insurance. We develop a simple framework to analyze how government taxes and transfers could mimic the insurance against pandemic income losses that people would like to have had. Permutations of the...
Persistent link: https://www.econbiz.de/10013322223
This chapter examines the labor supply effects of social insurance programs. We argue that this topic deserves separate treatment from the rest of the labor supply literature because individuals may be imperfectly informed as to the rules of the programs and because key parameters are likely to...
Persistent link: https://www.econbiz.de/10013246643
In a large variety of multilevel political systems changes imposed by a higher authority alter the equilibrium panoply of lower- level policies. The new equilibrium depends on the type of change imposed and on the relative strengths of and differences among interested parties at the lower level....
Persistent link: https://www.econbiz.de/10012777658
This paper studies the optimal timing of unemployment insurance subsidies in a McCall search model. Risk-averse workers sequentially sample random job opportunities. Our model distinguishes unemployment subsidies from consumption during unemployment by allowing workers to save and borrow freely....
Persistent link: https://www.econbiz.de/10012780124
During a pandemic, an individual's choices can determine outcomes not only for the individual but also for the entire community. Beliefs, constraints and preferences may shape behavior. This paper documents demographic differences in behaviors, beliefs, constraints and risk preferences across...
Persistent link: https://www.econbiz.de/10012831849