| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29198 |
| 来源ID | Working Paper 29198 |
| Income-Contingent Loans As an Unemployment Benefit | |
| Haaris Mateen ⓡ; Joseph E. Stiglitz; ⓡ; Jungyoll Yun | |
| 发表日期 | 2021-08-30 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Imperfections in risk and capital markets imply that individuals who lose jobs suffer from imperfect smoothing of consumption across states and times. Compared to the first best, there will be too little search. Optimal unemployment programs, which balance the marginal benefit of consumption smoothing vs. the marginal cost of the insurance externality, increase welfare and may even increase GDP. Our analytical results suggest that welfare is higher if the unemployment benefits program includes income-contingent unemployment loans (ICL), where the amount repaid depends on the individual’s future income. Such loans can be financed by a risk premium imposed on the unemployed who avail themselves of the loans, and partially substitute for unemployment insurance (UI) benefits. Optimal unemployment benefits programs (UB) with ICL do a better job of smoothing consumption across states and time, and in particular total benefits when unemployed increase. We analyze how changes in key parameters, such as the degree of risk aversion and the nature of post-employment work, affect the design of the optimal UB program and the magnitude of the incremental benefits from including income-contingent loans. |
| 主题 | Microeconomics ; Households and Firms ; Public Economics ; National Fiscal Issues ; Health, Education, and Welfare ; Poverty and Wellbeing ; Labor Economics ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w29198 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586871 |
| 推荐引用方式 GB/T 7714 | Haaris Mateen ⓡ,Joseph E. Stiglitz,ⓡ,et al. Income-Contingent Loans As an Unemployment Benefit. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29198.pdf（763KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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