stamps which partially insure productivity risk is greater than the value of unemployment insurance which provides (partial …

) insurance against employment risk and no insurance against persistent shocks. – uncertainty ; life-cycle models ; unemployment … stamps which partially insure productivity risk is greater than the value of unemployment insurance which provides (partial …

(2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states …, short-term as well as long-term unemployment. This allows us to examine the effects of persistence in the unemployment … process on portfolio choice. Our main findings are, first, that in case of short-term unemployment only, social security …

Households can rely on private savings or on public unemployment insurance to hedge against the risk of becoming … effects of unemployment on the portfolio choice of households in the US and in Germany. We distinguish short- and long …-term unemployment and find that, in case of short-term unemployment, unemployment insurance offsets the negative impact of unemployment …

pattern of searchunemployment does not match observed unemployment and we propose a new conceptof 'voluntary' unemployment …

Cocco, Gomes and Maenhout (2005). We extend it by unemployment risk using Markov chains to model the transition between … states, namely employment, short-term as well as long-term unemployment. This allows us to examine the effects of persistence … in the unemployment process on portfolio choice. Our main findings are, first, that in case of short-term unemployment …