A Macroeconomic Approach to Optimal Unemployment Insurance: Theory
A Macroeconomic Approach to Optimal Unemployment Insurance: Theory
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DOI:
10.1257/pol.20150088
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发表时间:
2018-05-01
影响因子:
5.3
通讯作者:
Saez, Emmanuel
中科院分区:
文献类型:
--
作者:
Landais, Camille;Michaillat, Pascal;Saez, Emmanuel
This paper develops a theory of optimal unemployment insurance (UI) in matching models. The optimal UI replacement rate is the conventional Baily-Chetty replacement rate, which solves the trade-off between insurance and job-search incentives, plus a correction term, which is positive when an increase in UI pushes the labor market tightness toward its efficient level. In matching models, most wage mechanisms do not ensure efficiency, so tightness is generally inefficient. The effect of UI on tightness depends on the model: increasing UI may raise tightness by alleviating the rat race for jobs or lower tightness by increasing wages through bargaining.