EÆcient Unemployment Insurance
نویسندگان
چکیده
This paper constructs a tractable general equilibrium model of search with risk-aversion. An increase in risk-aversion reduces wages, unemployment and investment. Unemployment insurance (UI) has the opposite e ect: insured workers seek high wage jobs with high unemployment risk. An economy with risk-neutral workers achieves maximal output without any UI, but an economy with risk-averse workers requires a positive level of UI to maximize output. Therefore, moderate UI not only improves risk-sharing, but also increases output.
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