03850oam 22010454 450 991078822780332120230721045652.01-4623-5879-91-4527-3190-X97866128439831-282-84398-21-4518-7335-2(CKB)3170000000055338(SSID)ssj0000943059(PQKBManifestationID)11558965(PQKBTitleCode)TC0000943059(PQKBWorkID)10975248(PQKB)11491964(OCoLC)449931755(MiAaPQ)EBC1608809(IMF)WPIEE2009188(EXLCZ)99317000000005533820020129d2009 uf 0engurcn|||||||||txtccrSearch in the Labor Market under Imperfectly Insurable Income Risk /Mauro RocaWashington, D.C. :International Monetary Fund,2009.38 pIMF Working Papers"September 2009."1-4519-1760-0 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.IMF Working Papers; Working Paper ;No. 2009/188UnemploymentLabor marketUnemployment insuranceInsuranceimfLaborimfMacroeconomicsimfUnemployment: Models, Duration, Incidence, and Job SearchimfMacroeconomics: ConsumptionimfSavingimfWealthimfWages, Compensation, and Labor Costs: GeneralimfInsurance CompaniesimfActuarial StudiesimfDemand and Supply of Labor: GeneralimfLabourimfincome economicsimfInsurance & actuarial studiesimfUnemploymentimfConsumptionimfWagesimfLabor marketsimfEconomicsimfLabor marketimfUnited StatesimfUnemployment.Labor market.Unemployment insurance.InsuranceLaborMacroeconomicsUnemployment: Models, Duration, Incidence, and Job SearchMacroeconomics: ConsumptionSavingWealthWages, Compensation, and Labor Costs: GeneralInsurance CompaniesActuarial StudiesDemand and Supply of Labor: GeneralLabourincome economicsInsurance & actuarial studiesUnemploymentConsumptionWagesLabor marketsEconomicsLabor marketRoca Mauro1509600International Monetary Fund.Research Dept.DcWaIMFBOOK9910788227803321Search in the Labor Market under Imperfectly Insurable Income Risk3741582UNINA