Search In The Labor Market Under Imperfectly Insurable Income Risk
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Search in the Labor Market under Imperfectly Insurable Income Risk
Author | : Mr.Mauro Roca |
Publisher | : International Monetary Fund |
Total Pages | : 39 |
Release | : 2009-09-01 |
Genre | : Business & Economics |
ISBN | : 1451873352 |
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This paper develops a general equilibrium model with unemployment and noncooperative wage determination to analyze the importance of incomplete markets when risk-averse agents are subject to idiosyncratic employment shocks. A version of the model calibrated to the U.S. shows that market incompleteness affects individual behavior and aggregate conditions: it reduces wages and unemployment but increases vacancies. Additionally, the model explains the average level of unemployment insurance observed in the U.S. A key mechanism is the joint influence of imperfect insurance and risk aversion in the wage bargaining. The paper also proposes a novel solution to solve this heterogeneous-agent model.
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