| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5956 |
| DP5956 New-Keynesian Macroeconomics and the Term Structure | |
| Geert Bekaert; Seonghoon Cho; Antonio Moreno Ibáñez | |
| 发表日期 | 2006-11-26 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | A Welfare-to-Work (WTW) program is a mix of government expenditures on various labor market policies targeted to the unemployed (e.g., unemployment insurance, job search monitoring, social assistance, wage subsidies). This paper provides a dynamic principal-agent framework suitable for analyzing chief features of an optimal WTW program such as the sequence and duration of the different policies, the dynamic pattern of payments along the unemployment spell, and the emergence of taxes/subsidies upon re-employment. The optimal program endogenously generates an absorbing policy of last resort ('social assistance') characterized by a constant lifetime payment and no active participation by the agent. Human capital depreciation is a necessary condition for policy transitions to be part of an optimal WTW program. The typical sequence of policies is quite simple: the program starts with standard unemployment insurance, then switches into monitored search and, finally, into social assistance. The optimal benefits are decreasing during unemployment insurance and constant during both job search monitoring and social assistance. Whereas taxes (subsidies) can be either increasing or decreasing with duration during unemployment insurance, they must decrease (increase) during a phase of job search monitoring. In a calibration exercise, we use our model to analyze quantitatively the features of the optimal program for the U.S. economy. With respect to the existing U.S. system, the optimal WTW scheme delivers sizeable welfare gains to unskilled workers because the incentives to search for a job can be retained even while delivering more insurance, and using costly monitoring less intensively. |
| 主题 | International Macroeconomics ; Labour Economics |
| 关键词 | Human capital Job search monitoring Recursive contracts Unemployment insurance Welfare-to-work |
| URL | https://cepr.org/publications/dp5956 |
| 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/534794 |
| 推荐引用方式 GB/T 7714 | Geert Bekaert,Seonghoon Cho,Antonio Moreno Ibáñez. DP5956 New-Keynesian Macroeconomics and the Term Structure. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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