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UID:696e2a29b2df51ebcebf61b75ae323d7
CATEGORIES:Seminars
CREATED:20220905T120617
SUMMARY:Isaac Baley - UPF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nSelf-insurance in Turbulent Labor Markets\n\n\nAbstract:\nWe investigat
 e the effects of turbulence risk—the risk of persistent skill loss coincidi
 ng with involuntary layoffs—on individual and aggregate labor market outcom
 es. We build a dynamic heterogeneous agents model with directed search, imp
 erfect financial markets, and uninsurable persistent labor market risk. We 
 calibrate our model to the US economy, matching new empirical facts on the 
 joint impact of turbulence risk and liquid wealth on re-employment wages, o
 ccupational choice, and unemployment duration. The model generates three se
 lf-insurance strategies: precautionary savings, precautionary job search, a
 nd precautionary occupational mobility. We quantify the role of these self-
 insurance mechanisms in coping with turbulence risk and assess the welfare 
 gains from alternative government policies. \n
DTSTAMP:20260428T105253Z
DTSTART:20230918T143000Z
DTEND:20230918T160000Z
SEQUENCE:0
TRANSP:OPAQUE
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