Replication data for: Wage Risk and Employment Risk over the Life Cycle
Principal Investigator(s): View help for Principal Investigator(s) Hamish Low; Costas Meghir; Luigi Pistaferri
Version: View help for Version V1
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Project Citation:
Low, Hamish, Meghir, Costas, and Pistaferri, Luigi. Replication data for: Wage Risk and Employment Risk over the Life Cycle. Nashville, TN: American Economic Association [publisher], 2010. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112366V1
Project Description
Summary:
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We specify a life-cycle model of consumption, labor supply and job mobility in an economy with search frictions. We distinguish different sources of risk, including shocks to productivity, job arrival, and job destruction. Allowing for job mobility has a large effect on the estimate of productivity risk. Increases in the latter impose a considerable welfare loss. Increases in employment risk have large effects on output and, primarily through this channel, affect welfare. The welfare value of programs such as Food Stamps, partially insuring productivity risk, is greater than the value of unemployment insurance which provides (partial) insurance against employment risk. (JEL D91, J22, J31, J61, J64, J65)
Scope of Project
JEL Classification:
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D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
J22 Time Allocation and Labor Supply
J31 Wage Level and Structure; Wage Differentials
J61 Geographic Labor Mobility; Immigrant Workers
J64 Unemployment: Models, Duration, Incidence, and Job Search
J65 Unemployment Insurance; Severance Pay; Plant Closings
D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
J22 Time Allocation and Labor Supply
J31 Wage Level and Structure; Wage Differentials
J61 Geographic Labor Mobility; Immigrant Workers
J64 Unemployment: Models, Duration, Incidence, and Job Search
J65 Unemployment Insurance; Severance Pay; Plant Closings
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