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VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:eaafc18122f291251bb7e50fc4f452fd
CATEGORIES:Seminars
CREATED:20260904T105834
SUMMARY:Sebastian Graves - University of Cambridge
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong><span lang="EN-US" style="font-size: 14.0pt; font-family: 'Aptos
 ',serif; mso-bidi-font-family: Arial; color: black; mso-ansi-language: EN-U
 S;">The Active Search Premium</span></strong><span lang="EN-US" style="font
 -size: 14pt; font-family: Arial, sans-serif;"></span></p><p>&nbsp;</p><p><s
 trong><span><span lang="EN-US" style="font-size: 14.0pt; font-family: 'Apto
 s',serif; mso-bidi-font-family: Arial; color: black; mso-ansi-language: EN-
 US;">Abstract:</span></span></strong><span lang="EN-US" style="font-size: 1
 4pt; font-family: Arial, sans-serif;"></span></p><p class="MsoNormal" style
 ="text-align: justify;"><span lang="EN-US" style="font-size: 14.0pt; line-h
 eight: 107%; font-family: 'Aptos',serif; color: black; mso-ansi-language: E
 N-US;">We document that the job-finding premium of non-employed active sear
 chers over comparable nonparticipants is surprisingly small, falls in reces
 sions (approaching zero in the Great Recession), and declines as aggregate 
 search effort rises. This pattern contradicts the standard assumption of a 
 constant relative return to active search; rather, it points to a crowding-
 out of active search. We relax the assumption that active and passive searc
 h are perfect substitutes in matching (implying an infinite elasticity of s
 ubstitution), instead estimating an elasticity of only one-fifth. We develo
 p a sufficient statistics representation to show that aggregate search effo
 rt responds less to an economy-wide change in unemployment insurance benefi
 ts than individual-level estimates would suggest. Under a Baily-Chetty form
 ula, crowding out weakens the disincentive effects of benefits most in rece
 ssions; in an equilibrium business-cycle model, it dampens the unemployment
 -duration response to benefit expansions by 40 to 60 percent.</span><strong
  style="font-variant-ligatures: normal; font-variant-caps: normal; orphans:
  2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-thickness: i
 nitial; text-decoration-style: initial; text-decoration-color: initial; wor
 d-spacing: 0px;"><span><span lang="EN-US" style="font-size: 14.0pt; line-he
 ight: 107%; font-family: 'Aptos',serif; mso-bidi-font-family: Arial; color:
  black; background: white; mso-ansi-language: EN-US;"></span></span></stron
 g><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-ansi-
 language: EN-US;"></span></p>
DTSTAMP:20261001T025643Z
DTSTART:20261005T163000Z
DTEND:20261005T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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