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Journal Article
Unemployment in Canada and the United States: the role of unemployment insurance benefits
Moorthy, Vivek (1989-01)
Quarterly Review , Volume 14 , Issue Win

Report
Unemployment in Canada and the U.S.: lessons from the 1980's
Moorthy, Vivek (1989)
Research Paper , Paper 8911

Report
Individual and Market-Level Effects of UI Policies: Evidence from Missouri
Karahan, Fatih; Moore, Brendan; Mitman, Kurt (2019-12-01)
We develop a method to jointly measure the response of worker search effort (individual effect) and vacancy creation (market-level effect) to changes in the duration of unemployment insurance (UI) benefits. To implement this approach, we exploit an unexpected cut in UI durations in Missouri and provide quasi-experimental evidence on the effect of UI on the labor market. The data indicate that the cut in Missouri significantly increased job finding rates by both raising the search effort of unemployed workers and the availability of jobs. The latter accounts for at least a third and up to 100 ...
Staff Reports , Paper 905

Working Paper
Universal Basic Income versus Unemployment Insurance
Fabre, Alice; Pallage, Stéphane; Zimmermann, Christian (2014-11-14)
In this paper we compare the welfare effects of unemployment insurance (UI) with an universal basic income (UBI) system in an economy with idiosyncratic shocks to employment. Both policies provide a safety net in the face of idiosyncratic shocks. While the unemployment insurance program should do a better job at protecting the unemployed, it suffers from moral hazard and substantial monitoring costs, which may threaten its usefulness. The universal basic income, which is simpler to manage and immune to moral hazard, may represent an interesting alternative in this context. We work within a ...
Working Papers , Paper 2014-47

Working Paper
How Should Unemployment Insurance Vary over the Business Cycle?
See, Kurt; Birinci, Serdar (2020-01-01)
We study optimal unemployment insurance (UI) over the business cycle using a heterogeneous agent job search model with aggregate risk and incomplete markets. We validate the model-implied micro and macro labor market elasticities to changes in UI generosity against existing estimates, and provide an explanation for divergent empirical findings. We show that generating the observed demographic differences between UI recipients and non-recipients is critical in determining the magnitudes of these elasticities. We find that the optimal policy features countercyclical replacement rates with ...
Working Papers , Paper 2019-022

Working Paper
How Should Unemployment Insurance Vary over the Business Cycle?
See, Kurt; Birinci, Serdar (2020-02-18)
We study optimal unemployment insurance (UI) over the business cycle using a heterogeneous agent job search model with aggregate risk and incomplete markets. We validate the model-implied micro and macro labor market elasticities to changes in UI generosity against existing estimates, and provide an explanation for divergent empirical findings. We show that generating the observed demographic differences between UI recipients and non-recipients is critical in determining the magnitudes of these elasticities. We find that the optimal policy features countercyclical replacement rates with ...
Working Papers , Paper 2019-022

Working Paper
How Should Unemployment Insurance Vary over the Business Cycle?
Birinci, Serdar; See, Kurt (2019-01-01)
We study optimal unemployment insurance (UI) over the business cycle using a tractable heterogeneous agent job that features labor productivity driven business cycles and incomplete asset markets, and find that UI policy should be countercyclical. In this framework, besides providing consumption insurance upon job loss, generous UI payments allow individuals to maintain similar consumption levels even during recessions, when they would otherwise have had to accumulate savings by reducing consumption.Moreover, the presence of borrowing constrains disciplines the unemployed's job search ...
Working Papers , Paper 2019-022

Working Paper
Designing Unemployment Insurance for Developing Countries
Sanchez, Juan M.; Espino, Emilio; Cirelli, Fernando (2018-04-16)
The benefits of implementing Unemployment Insurance Savings Accounts (UISAs) are studied in the presence of the multiple sources of information frictions often existing in developing countries. A benchmark incomplete markets economy is calibrated to Mexico in the early 2000s. The unconstrained optimal allocation would imply very large welfare gains relative to the benchmark economy (similar to an increase in consumption of 23% in every period). More importantly, in presence of multiple sources of information frictions, about half of those potential gains can be accrued through the ...
Working Papers , Paper 2018-6

Blog
COVID-19: Which Workers Face the Highest Unemployment Risk?
Gascon, Charles S. (2020-03-24)
Some 46% of U.S. workers are employed in occupations at “high risk” of layoff due to COVID-19 measures. How much could it cost to offset their lost income?
On the Economy

Blog
Expected U.S. Macroeconomic Performance during the Pandemic Adjustment Period
Bullard, James B. (2020-03-23)
St. Louis Fed President James Bullard recommends declaring a “National Pandemic Adjustment Period” and discusses three broad goals of macroeconomic policy during this period.
On the Economy

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