Search in the Labor Market under Imperfectly Insurable Income Risk

Search in the Labor Market under Imperfectly Insurable Income Risk
This paper develops a general equilibrium model with unemployment and noncooperative wage determination to analyze the importance of incomplete markets when risk-averse agents are subject to idiosyncratic employment shocks. A version of the model calibrated to the U.S. shows that market incompleteness affects individual behavior and aggregate... READ MORE...

Publication date: September 2009
ISBN 9781451873351
$18.00

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