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UID:696e2a29b2df51ebcebf61b75ae323d7
CATEGORIES:Seminars
CREATED:20220905T120617
SUMMARY:Isaac Baley - UPF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p>Self-insurance in Turbulent Labor Markets</p><p>Abstract:</p><p style="t
 ext-align: justify;">We investigate the effects of turbulence risk—the risk
  of persistent skill loss coinciding with involuntary layoffs—on individual
  and aggregate labor market outcomes. We build a dynamic heterogeneous agen
 ts model with directed search, imperfect financial markets, and uninsurable
  persistent labor market risk. We calibrate our model to the US economy, ma
 tching new empirical facts on the joint impact of turbulence risk and liqui
 d wealth on re-employment wages, occupational choice, and unemployment dura
 tion. The model generates three self-insurance strategies: precautionary sa
 vings, precautionary job search, and precautionary occupational mobility. W
 e quantify the role of these self-insurance mechanisms in coping with turbu
 lence risk and assess the welfare gains from alternative government policie
 s.&nbsp;</p>
DTSTAMP:20260428T105556Z
DTSTART:20230918T143000Z
DTEND:20230918T160000Z
SEQUENCE:0
TRANSP:OPAQUE
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