Incomplete Unemployment Insurance and Aggregate Fluctuations

Francesc Obiols-Homs ()

Review of Economic Dynamics, 2003, vol. 6, issue 3, 602-636

Abstract: This paper develops a real business cycle model characterized by idiosyncratic employment shocks and quantitatively explores the behavior of aggregate variables under the assumptions of complete and incomplete insurance markets. The results show that the model with incomplete markets produces standard deviations and correlations of aggregate labor input and labor productivity close to the ones of the US economy for the post-war period. (Copyright: Elsevier)

Keywords: aggregate fluctuations; Idiosyncratic shocks; Incomplete insurance (search for similar items in EconPapers)
JEL-codes: E32 E37 J22 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (12)

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DOI: 10.1016/S1094-2025(03)00005-X

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