期刊
JOURNAL OF MONETARY ECONOMICS
卷 71, 期 -, 页码 99-118出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jmoneco.2014.11.009
关键词
Unemployment insurance; Business cycles; Optimal policy; Search and matching
The optimal cyclical behavior of unemployment insurance is characterized in an equilibrium search model with risk-averse workers. Contrary to the current US policy, the path of optimal unemployment benefits is pro-cyclical - positively correlated with productivity and employment. Furthermore, optimal unemployment benefits react non-monotonically to a productivity shock: in response to a fall in productivity, they rise on impact but then fall significantly below their pre-recession level during the recovery. As compared to the current US unemployment insurance policy, the optimal state-contingent unemployment benefits smooth cyclical fluctuations in unemployment and deliver substantial welfare gains. (C) 2014 Elsevier B.V. All rights reserved.
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