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180614 ||| eng |
| 020 |
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|a 9781475592245
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| 100 |
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|a Krebs, Tom
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| 245 |
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|a Labor Market Institutions and the Cost of Recessions
|c Tom Krebs, Martin Scheffel
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2017
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| 300 |
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|a 85 pages
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| 651 |
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4 |
|a Germany
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| 653 |
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|a Labor market institutions
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| 653 |
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|a Wealth
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| 653 |
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|a Labour; income economics
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| 653 |
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|a Saving
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| 653 |
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|a Incomplete Markets
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| 653 |
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|a Wages, Compensation, and Labor Costs: General
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| 653 |
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|a Unemployment: Models, Duration, Incidence, and Job Search
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| 653 |
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|a Labor markets
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| 653 |
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|a Aggregate Labor Productivity
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| 653 |
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|a Unemployment
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| 653 |
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|a Skills
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| 653 |
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|a Demand and Supply of Labor: General
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| 653 |
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|a Particular Labor Markets: General
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| 653 |
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|a Aggregate Human Capital
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| 653 |
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|a Labor
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| 653 |
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|a Labor Productivity
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| 653 |
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|a Labor Demand
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| 653 |
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|a Labor market
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| 653 |
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|a Occupational Choice
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Wages
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| 653 |
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|a Job destruction
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| 653 |
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|a Intergenerational Income Distribution
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| 653 |
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|a Human Capital
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| 653 |
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|a Employment
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| 700 |
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|a Scheffel, Martin
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781475592245.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2017/087/001.2017.issue-087-en.xml?cid=44796-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a This paper studies the effect of two labor market institutions, unemployment insurance (UI) and job search assistance (JSA), on the output cost and welfare cost of recessions. The paper develops a tractable incomplete-market model with search unemployment, skill depreciation during unemployment, and idiosyncratic as well as aggregate labor market risk. The theoretical analysis shows that an increase in JSA and a reduction in UI reduce the output cost of recessions by making the labor market more fluid along the job finding margin and thus making the economy more resilient to macroeconomic shocks. In contarst, the effect of JSA and UI on the welfare cost of recessions is in general ambiguous. The paper also provides a quantitative appliation to the German labor market reforms of 2003-2005, the so-called Hartz reforms, which improved JSA (Hartz III reform) and reduced UI (Hartz IV reform). According to the baseline calibration, the two labor market reforms led to a substantial reduction in the output cost of recessions and a moderate reduction in the welfare cost of recessions in Germany
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