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Do the rich stay unemployed longer? : an empirical study for the UK

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Author Info
Stancanelli, E.G.F. (Tilburg University, Center for Economic Research)

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Abstract

This paper investigates the impact of individual asset holdings on the probability of leaving unemployment. According to the theory, higher levels of financial wealth will result in higher reservation wages and longer unemployment durations. I estimate the impact of beginning of period financial assets on the hazard rate, using data drawn from a UK inflow sample of the unemployed. The empirical findings indicate that individual asset holdings affect significantly the escape rate out of unemployment. In particular, negative levels of wealth increase significantly the hazard of leaving unemployment while positive levels of wealth reduce significantly the probability of leaving unemployment.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 81.

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Date of creation: 1997
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Handle: RePEc:dgr:kubcen:199781

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Web page: http://center.uvt.nl

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Related research
Keywords: duration analysis;

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Find related papers by JEL classification:
C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis
J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts

References listed on IDEAS
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  1. Stancanelli, Elena G F, 1998. "Unemployment Compensation Schemes and Unemployment Duration," Applied Economics Letters, Taylor and Francis Journals, vol. 5(11), pages 675-80, November. [Downloadable!] (restricted)
  2. Atkinson, Anthony B & Micklewright, John, 1991. "Unemployment Compensation and Labor Market Transitions: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 29(4), pages 1679-1727, December. [Downloadable!] (restricted)
  3. Bloemen, Hans G & Stancanelli, Elena G F, 2001. "Individual Wealth, Reservation Wages, and Transitions into Employment," Journal of Labor Economics, University of Chicago Press, vol. 19(2), pages 400-439, April. [Downloadable!] (restricted)
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  4. Stancanelli, Elena G F, 1999. "Unemployment Duration and the Duration of Entitlement to Unemployment Benefits: An Empirical Study for Britain," Applied Economics, Taylor and Francis Journals, vol. 31(9), pages 1043-51, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Namkee Ahn & J. Ignacio García Pérez, 2000. "Unemployment Duration and Workers' Wage Aspirations in Spain," Economics Working Papers 426, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  2. Tricia Gladden & Michelle Alexopoulos, 2004. "The Effects of Wealth, and Unemployment Benefits on Search Behavior and Labor Market Transitions," Econometric Society 2004 North American Summer Meetings 517, Econometric Society. [Downloadable!]
  3. Hans G. Bloemen & Elena G. F. Stancanelli, 2003. "Financial Wealth, Consumption Smoothing, and Income Shocks due to Job Loss," Documents de Travail de l'OFCE 2003-09, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
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  4. Martin Browning & Thomas F. Crossley & Eric Smith, 2002. "Asset Accumulation and Short Term Employment," Department of Economics Working Papers 2002-14, McMaster University. [Downloadable!]
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  5. Hans G. Bloemen, 2006. "The Impact of Wealth on Job Exit Rates of Elderly Workers," IZA Discussion Papers 2247, Institute for the Study of Labor (IZA). [Downloadable!]
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