| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16547 |
| DP16547 The Effect of Wealth on Worker Productivity | |
| Jan Eeckhout; Alireza Sepahsalari | |
| 发表日期 | 2021-09-14 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We propose a theory that analyzes how a workers' asset holdings affect their job productivity. In a labor market with uninsurable risk, workers choose to direct their job search trading off productivity and wages against unemployment risk. Workers with low asset holdings have a precautionary job search motive, they direct their search to low productivity jobs because those offer a low risk at the cost of low productivity and a low wage. Our main theoretical contribution shows that the presence of consumption smoothing can reconcile the directed search model with negative duration-dependence on wages, a robust empirical regularity that the canonical directed search model cannot rationalize. We calibrate the infinite horizon economy and find this mechanism to be quantitatively important. We evaluate a tax financed unemployment insurance (UI) scheme and analyze how it affects welfare. Aggregate welfare is inverted U-shaped in benefits: the insurance effect UI dominates the incentive effects for low levels of benefits and vice versa for high benefits. In addition, when UI increases, total production falls in the economy while worker productivity increases. Finally, we compare a one-off severance payment with per-period benefits and find th |
| 主题 | Labour Economics |
| 关键词 | Unemployment risk Precautionary savings Precautionary job search Sorting Unemployment insurance Severance pay Directed search Duration dependence |
| URL | https://cepr.org/publications/dp16547 |
| 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/545498 |
| 推荐引用方式 GB/T 7714 | Jan Eeckhout,Alireza Sepahsalari. DP16547 The Effect of Wealth on Worker Productivity. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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