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Search in the Labor Market under Imperfectly Insurable Income Risk
Mr.Mauro Roca
出版International Monetary Fund, 2009-09-01
主題Business & Economics / Labor / GeneralBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Insurance / General
ISBN14518733529781451873351
URLhttp://books.google.com.hk/books?id=tIMYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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.