| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5352 |
| DP5352 Non-synchronous Trading and Testing for Market Integration in Central European Emerging Markets | |
| Peter C Schotman; Ania Zalewska | |
| 发表日期 | 2005-11-14 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We use three general equilibrium frameworks with jobs and unemployed workers to study the effects of government mandated unemployment insurance (UI) and employment protection (EP). To illuminate the forces in these models, we study how UI and EP affect outcomes when there is higher 'turbulence' in the sense of worse skill transition probabilities for workers who suffer involuntary layoffs. Matching and search-island models have labour market frictions and incomplete markets. The representative family model with employment lotteries has no labour market frictions and complete markets. The adverse welfare state dynamics coming from high UI indexed to past earnings that were isolated by Ljungqvist and Sargent (1998) are so strong that they determine outcomes in all three frameworks. Another force stressed by Ljungqvist and Sargent (2005), through which higher layoff taxes suppress frictional unemployment in less turbulent times, prevails in the models with labour market frictions, but not in the frictionless representative family model. In addition, the high aggregate labour supply elasticity that emerges from employment lotteries and complete insurance markets in the representative family model makes it impossible to include generous government-supplied unemployment insurance in that model without getting the unrealistic result that economic activity virtually shuts down. |
| 主题 | Labour Economics |
| 关键词 | Discouraged worker Employment protection Job Matching Search Skills Turbulence Unemployment Unemployment insurance |
| URL | https://cepr.org/publications/dp5352 |
| 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/534216 |
| 推荐引用方式 GB/T 7714 | Peter C Schotman,Ania Zalewska. DP5352 Non-synchronous Trading and Testing for Market Integration in Central European Emerging Markets. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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