Wealth accumulation, on-the-job search and inequality
نویسندگان
چکیده
We study a directed search equilibrium with risk-averse workers who can on the job and accumulate non-contingent assets under borrowing limit. Search outcomes affect earnings wealth accumulation. In turn, decisions by changing optimal trade-off between wage matching probability. The interaction provides important self-insurance. calibrated model yields significant inequality as measured mean-min ratio in wages. analyze dynamic welfare effects of changes unemployment insurance find relatively limited role for self-insurance significantly reduces consumption risk.
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2022
ISSN: ['0304-3932', '1873-1295']
DOI: https://doi.org/10.1016/j.jmoneco.2022.03.009