G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w27026
来源IDWorking Paper 27026
Can the Unemployed Borrow? Implications for Public Insurance
J. Carter Braxton; Kyle F. Herkenhoff; Gordon M. Phillips
发表日期2020-04-20
出版年2020
语种英语
摘要We show that unemployed individuals maintain significant access to credit. Following job loss, the unconstrained borrow, while the constrained default and delever. Both defaulters and borrowers are using credit to smooth consumption. We quantitatively show that long-term credit relationships and credit-registries allow the unemployed to partially offset income losses using credit. We estimate the model and find that the optimal provision of public insurance is unambiguously lower with greater credit access. Using a utilitarian welfare criterion, the optimal steady-state policy is to lower the replacement rate of public insurance from the current US policy of 41.2% to 38.3%. Moreover, lowering the replacement rate to 38.3% yields welfare gains to the majority of workers along the transition path.
主题Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Labor Economics ; Unemployment and Immigration
URLhttps://www.nber.org/papers/w27026
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/584698
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J. Carter Braxton,Kyle F. Herkenhoff,Gordon M. Phillips. Can the Unemployed Borrow? Implications for Public Insurance. 2020.
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