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dc.contributor.authorKrebs, Tomen
dc.contributor.authorScheffel, Martinen
dc.date.accessioned2010-09-15-
dc.date.accessioned2010-09-22T10:07:01Z-
dc.date.available2010-09-22T10:07:01Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/40164-
dc.description.abstractWe develop a tractable macroeconomic model with employment risk and labor market search in order evaluate the effects of labor market reform on unemployment, growth, and welfare. The model has a large number of risk-averse households who can invest in risk-free physical capital and risky human capital. Unemployed households receive unemployment benefits and decide how much search effort to exert. We present a theoretical characterization result that facilitates the computation of equilibria substantially. We calibrate the model to German data and use the calibrated model economy to simulate the macroeconomic effects of the German labor market reforms of 2005 and 2006 (Hartz Reforms). We find that the 2005-reform had large employment effects: the equilibrium unemployment rate has been reduced by approximately 1.1 percentage points from 7.5 to 6.4 percent. Moreover, the drop in unemployment has led to substantial output gains. Finally, employed and short-term unemployed households experienced significant welfare gains, whereas the long-term unemployed have lost in welfare terms. The effects of the 2006-reform are qualitatively similar, but quantitatively much smaller. We also show that the social welfare maximizing replacement rate is lower than the current (post-reform) replacement rate in Germany. However, implementing the optimal unemployment benefit system generates only small welfare gains.en
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x10-050en
dc.subject.jelE24en
dc.subject.jelE60en
dc.subject.jelJ64en
dc.subject.jelJ65en
dc.subject.ddc330en
dc.subject.keyworddynamic general equilibriumen
dc.subject.keywordheterogenous agentsen
dc.subject.keywordhuman capitalen
dc.subject.keywordlabor market searchen
dc.subject.keywordunemployment insuranceen
dc.subject.keywordGerman labor market reformen
dc.subject.stwArbeitsmarktpolitiken
dc.subject.stwReformen
dc.subject.stwÖkonometrisches Makromodellen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwTheorieen
dc.subject.stwHartz-Reformen
dc.subject.stwWirkungsanalyseen
dc.subject.stwWohlfahrtseffekten
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleA macroeconomic model for the evaluation of labor market reforms-
dc.type|aWorking Paperen
dc.identifier.ppn635130084en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:10050en

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