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Job displacement risk and severance pay

机译:失业风险和遣散费

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This paper is a quantitative, equilibrium study of the insurance role of severance pay when workers face displacement risk and markets are incomplete. A key feature of our model is that, in line with an established empirical literature, job displacement entails a persistent fall in earnings upon re-employment due to the loss of tenure. The model is solved numerically and calibrated to the US economy. In contrast to previous studies that have analyzed severance payments in the absence of persistent earning losses, we find that the welfare gains from the insurance against job displacement afforded by severance pay are sizable. (C) 2016 Elsevier B.V. All rights reserved.
机译:本文是当工人面临流离失所风险且市场不完整时遣散费的保险作用的定量,均衡研究。我们模型的一个关键特征是,根据已有的经验文献,由于任期流失,工作流离失所导致重新就业后收入持续下降。对该模型进行了数值求解,并针对美国经济进行了校准。与以前的研究在没有持续性收入损失的情况下分析遣散费的研究相反,我们发现遣散费提供的防止失业的保险所带来的福利收益是可观的。 (C)2016 Elsevier B.V.保留所有权利。

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