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Record Nr. |
UNINA9910788227803321 |
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Autore |
Roca Mauro |
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Titolo |
Search in the Labor Market under Imperfectly Insurable Income Risk / / Mauro Roca |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-5879-9 |
1-4527-3190-X |
9786612843983 |
1-282-84398-2 |
1-4518-7335-2 |
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Descrizione fisica |
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Collana |
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Soggetti |
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Unemployment |
Labor market |
Unemployment insurance |
Insurance |
Labor |
Macroeconomics |
Unemployment: Models, Duration, Incidence, and Job Search |
Macroeconomics: Consumption |
Saving |
Wealth |
Wages, Compensation, and Labor Costs: General |
Insurance Companies |
Actuarial Studies |
Demand and Supply of Labor: General |
Labour |
income economics |
Insurance & actuarial studies |
Consumption |
Wages |
Labor markets |
Economics |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Sommario/riassunto |
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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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