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dc.contributor.authorLow, Hamishen
dc.contributor.authorMeghir, Costasen
dc.contributor.authorPistaferri, Luigien
dc.date.accessioned2010-02-23-
dc.date.accessioned2011-07-04T09:19:45Z-
dc.date.available2011-07-04T09:19:45Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/47512-
dc.description.abstractWe specify a structural life-cycle model of consumption, labour supply and job mobility in an economy with search frictions that allows us to distinguish between different sources of risk and to estimate their effects. The sources of risk are shocks to productivity, job destruction, the process of job arrival when employed and unemployed and match level heterogeneity. Our model allows for four main social insurance programmes. In contrast to simpler models that attribute all income fluctuations to shocks, our framework allows us to disentangle the effects of the shocks from the responses to these shocks. Estimates of productivity risk, once we control for employment risk and for individual labour supply choices, are substantially lower than estimates that attribute all wage variation to productivity risk. Increases in productivity risk impose a considerable welfare loss on individuals and induce substantial precautionary saving. Increases in employment risk have large effects on output and, primarily through this channel, affect welfare. The welfare value of government programs such as food stamps which partially insure productivity risk is greater than the value of unemployment insurance which provides (partial) insurance against employment risk and no insurance against persistent shocks.en
dc.language.isoengen
dc.publisher|aInstitute for Fiscal Studies (IFS) |cLondonen
dc.relation.ispartofseries|aIFS Working Papers |x08,06en
dc.subject.jelD91en
dc.subject.jelH31en
dc.subject.jelJ64en
dc.subject.ddc330en
dc.subject.keyworduncertaintyen
dc.subject.keywordlife-cycle modelsen
dc.subject.keywordunemploymenten
dc.subject.keywordprecautionary savingsen
dc.subject.stwRisikoen
dc.subject.stwArbeitslosigkeiten
dc.subject.stwEinkommenen
dc.subject.stwArbeitsangeboten
dc.subject.stwLebensverlaufen
dc.titleWage risk and employment risk over the life cycle-
dc.typeWorking Paperen
dc.identifier.ppn595011497en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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