Optimal unemployment insurance in an equilibrium business-cycle model
作者： Kurt Mitman , Stanislav Rabinovich
DOI: 10.1016/J.JMONECO.2014.11.009
关键词: Unemployment 、 Labour economics 、 Insurance policy 、 Productivity 、 Welfare 、 Search model 、 Shock (economics) 、 Full employment 、 Business cycle 、 Economics
摘要: Abstract The optimal cyclical behavior of unemployment insurance is characterized in an equilibrium search model with risk-averse workers. Contrary to the current US policy, path benefits pro-cyclical – positively correlated productivity and employment. Furthermore, react non-monotonically a shock: response fall productivity, they rise on impact but then significantly below their pre-recession level during recovery. As compared state-contingent smooth fluctuations deliver substantial welfare gains.
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