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Record Nr. |
UNINA9910973828203321 |
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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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9786612843983 |
9781462358793 |
1462358799 |
9781452731902 |
145273190X |
9781282843981 |
1282843982 |
9781451873351 |
1451873352 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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Collana |
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Disciplina |
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Soggetti |
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Unemployment |
Labor market |
Unemployment insurance |
Actuarial Studies |
Consumption |
Demand and Supply of Labor: General |
Economics |
Income economics |
Insurance & actuarial studies |
Insurance Companies |
Insurance |
Labor markets |
Labor |
Labour |
Macroeconomics |
Macroeconomics: Consumption |
Saving |
Unemployment: Models, Duration, Incidence, and Job Search |
Wages |
Wages, Compensation, and Labor Costs: General |
Wealth |
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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Nota di contenuto |
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Cover Page -- Title Page -- Copyright Page -- Contents -- I. Introduction -- II. The Model -- A. Labor Market -- B. Consumers -- C. Firms -- 1. Wage determination -- D. Government -- E. Stationary Equilibrium -- III. Solution method -- A. Fast-turnover limit -- B. Approximation -- 1. Steady state -- 2. Approximation around steady state -- IV. Quantitative analysis -- A. Calibration -- B. The effects of idiosyncratic risk -- 1. Effects of Idiosyncratic Risk on the Labor Market -- 1. Approximation to Consumption Functions -- 2. Effects of Idiosyncratic Risk on Consumption and Capital -- C. Optimal replacement rate -- 2. Variations in Welfare -- 3. Effects of Unemployment Insurance -- 4. Effects of Idiosyncratic Risk -- V. Conclusions -- I. Derivation of the solution to the wage bargaining -- II. Fast-turnover limit -- A. Derivation of the Euler condition -- B. Derivation of the wage equation -- III. Approximation around the steady state -- A. Response to individual asset holdings -- B. Response to the length of the time interval Δ -- References -- Footnotes. |
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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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