The general equilibrium impacts of unemployment insurance: Evidence from a large online job board (Reprinted from Journal of Public Economics, vol 150, pg 14-29, 2017)

• 成果类型: Reprint
• 署名作者: Marinescu, Ioana
• 署名单位: University of Chicago
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2019.03.004
• 发表日期: 2019
• 页码: 70-85
• 关键词: Unemployment insurance; job search; Applications; VACANCIES

摘要

During the Great Recession, U.S. unemployment benefits were extended by up to 73 weeks. Theory predicts that extensions increase unemployment by discouraging job search, a partial equilibrium effect. Using data from the large job board CareerBuilder.com, I find that a 10% increase in benefit duration decreased state-level job applications by 1%, but had no robust effect on job vacancies. Job seekers thus faced reduced competition for jobs, a general equilibrium effect. Calibration implies that the general equilibrium effect reduces the impact of unemployment insurance on unemployment by 39%. (C) 2019 Published by Elsevier B.V.