| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2154 |
| DP2154 Interregional and International Risk Sharing and Lessons for EMU | |
| Jacques MELITZ; Frederic Zumer | |
| 发表日期 | 1999-05-31 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | In this paper, we incorporate a positive theory of unemployment insurance into a dynamic overlapping generations model with search-matching frictions and on-the-job learning-by-doing. The model shows that societies populated by identical rational agents, but differing in the initial distribution of human capital across agents, may choose very different unemployment insurance levels in a politico-economic equilibrium. The interaction between the political decision about the level of the unemployment insurance and the optimal search behavior of the unemployed gives rise to a self-reinforcing mechanism which may generate multiple steady-state equilibria. In particular, a European-type steady-state with high unemployment, low employment turnover and high insurance can co-exist with an American-type steady-state with low unemployment, high employment turnover and low unemployment insurance. A calibrated version of the model features two distinct steady-state equilibria with unemployment levels and duration rates resembling those of the U.S. and Europe, respectively. |
| 主题 | International Macroeconomics ; Labour Economics |
| 关键词 | Comparative advantage Employment Political equilibrium Search Specialization Unemployment insurance |
| URL | https://cepr.org/publications/dp2154 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531263 |
| 推荐引用方式 GB/T 7714 | Jacques MELITZ,Frederic Zumer. DP2154 Interregional and International Risk Sharing and Lessons for EMU. 1999. |
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