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Incomplete unemployment insurance under aggregate fluctuations
[Assurance chômage incomplète en présence de fluctuations agrégées]

Author

Listed:
  • Y. Algan

    (Inconnu)

  • Olivier Allais

    (CORELA - Laboratoire de Recherche sur la Consommation - INRA - Institut National de la Recherche Agronomique)

Abstract

Le document réévalue les gains en bien-être de l'assurance chômage lorsque les agents économiques peuvent s'auto-assurer au moyen d'une épargne privée, mais qu'ils font face à des fluctuations économiques agrégées. Les auteurs concluent que les études précédentes ont sous-estimé de moitié les gains moyens de l'assurance chômage, en ignorant l'incertitude occasionnée par la fluctuation des prix et l'emploi suite aux variations du choc agrégé. Mais paradoxalement, les plus pauvres sont moins en faveur d'une assurance chômage quand les fluctuations agrégées sont prises en compte. Le résultat s'explique par les effets favorables de la variation des prix qui dominent l'accroissement du risque d'être au chômage.

Suggested Citation

  • Y. Algan & Olivier Allais, 2004. "Incomplete unemployment insurance under aggregate fluctuations [Assurance chômage incomplète en présence de fluctuations agrégées]," Post-Print hal-02679283, HAL.
    • Handle: RePEc:hal:journl:hal-02679283
    DOI: 10.1016/s1094-2025(03)00005-x
    as

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    References listed on IDEAS

    as
    1. Blanchard, Olivier & Wolfers, Justin, 2000. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," Economic Journal, Royal Economic Society, vol. 110(462), pages 1-33, March.
    2. S. Rao Aiyagari, 1994. "Uninsured Idiosyncratic Risk and Aggregate Saving," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(3), pages 659-684.
    3. Wang, Cheng & Williamson, Stephen D., 2002. "Moral hazard, optimal unemployment insurance, and experience rating," Journal of Monetary Economics, Elsevier, vol. 49(7), pages 1337-1371, October.
    4. Storesletten, Kjetil & Telmer, Chris I. & Yaron, Amir, 2001. "The welfare cost of business cycles revisited: Finite lives and cyclical variation in idiosyncratic risk," European Economic Review, Elsevier, vol. 45(7), pages 1311-1339.
    5. Per Krusell & Anthony A. Smith & Jr., 1998. "Income and Wealth Heterogeneity in the Macroeconomy," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 867-896, October.
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    Cited by:

    1. Wang, Cheng & Williamson, Stephen D., 2002. "Moral hazard, optimal unemployment insurance, and experience rating," Journal of Monetary Economics, Elsevier, vol. 49(7), pages 1337-1371, October.

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    More about this item

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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