Cash-on-hand and competing models of intertemporal behavior: New evidence from the labor market
Cash-on-hand and competing models of intertemporal behavior: New evidence from the labor market
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DOI：
10.1162/qjec.2007.122.4.1511
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发表时间：
2007-11-01
影响因子：
13.7
通讯作者：
Weber, Andrea
中科院分区：
文献类型：
--
作者：
Card, David;Chetty, Raj;Weber, Andrea
本文使用劳动力市场的数据对永久收入假说和其他广泛使用的家庭行为模型进行了新的检验。我们利用奥地利在获得遣散费和延长失业保险(UI)福利资格方面的急剧中断，估计了求职行为对手头现金的过度敏感性。通过分析超过50万失业者的数据，我们得到了三个经验结果：(1)相当于两个月收入的一次性遣散费平均降低了8%-12%的求职率；(2)UI福利的潜在持续时间从20周延长到30周，同样地降低了搜索的前20周的求职率5%-9%；(3)两个计划导致的搜索持续时间的增加对后续的工作匹配质量几乎没有影响。使用搜索理论模型，我们表明，对遣散费和延长福利的相对影响的估计可以用于校准和测试广泛的跨期模型。我们对这一比率的估计与简单的永久收入模型的预测以及幼稚的经验行为规则不一致。在我们的数据中，有代表性的求职者对手头现金的敏感度介于永久收入基准和信贷约束行为之间的70%。
This paper presents new tests of the permanent income hypothesis and other widely used models of household behavior using data from the labor market. We estimate the excess sensitivity of job search behavior to cash-on-hand using sharp discontinuities in eligibility for severance pay and extended unemployment insurance (UI) benefits in Austria. Analyzing data for over one-half million job losers, we obtain three empirical results: (1) a lump-sum severance payment equal to two months of earnings reduces the job-finding rate by 8%-12% on average; (2) an extension of the potential duration of UI benefits from 20 weeks to 30 weeks similarly lowers job-finding rates in the first 20 weeks of search by 5%-9%; and (3) increases in the duration of search induced by the two programs have little or no effect on subsequent job match quality. Using a search-theoretic model, we show that estimates of the relative effect of severance pay and extended benefits can be used to calibrate and test a wide set of intertemporal models.. Our estimates of this ratio are inconsistent with the predictions of a simple permanent income model, as well as naive rule of thumb behavior. The representative job searcher in our data is 70% of the way between the permanent income benchmark and credit-constrained behavior in terms of sensitivity to cash-on-hand.