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The importance of unemployment insurance as an automatic stabilizer

Author: Marco Di Maggio; Amir Reza Mohsenzadeh Kermani; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2016.
Series: Working paper series (National Bureau of Economic Research), no. 22625.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We assess the extent to which unemployment insurance (UI) serves as an automatic stabilizer to mitigate the economy's sensitivity to shocks. Using a local labor market design based on heterogeneity in local benefit generosity, we estimate that a one standard deviation increase in generosity attenuates the effect of adverse shocks on employment growth by 7% and on earnings growth by 6%. Consistent with a local demand  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Marco Di Maggio; Amir Reza Mohsenzadeh Kermani; National Bureau of Economic Research,
OCLC Number: 959836993
Notes: "September 2016."
Description: 1 online resource (40 pages, 27 unnumbered pages, 4 pages) : illustrations, maps.
Series Title: Working paper series (National Bureau of Economic Research), no. 22625.
Responsibility: Marco Di Maggio, Amir Kermani.

Abstract:

We assess the extent to which unemployment insurance (UI) serves as an automatic stabilizer to mitigate the economy's sensitivity to shocks. Using a local labor market design based on heterogeneity in local benefit generosity, we estimate that a one standard deviation increase in generosity attenuates the effect of adverse shocks on employment growth by 7% and on earnings growth by 6%. Consistent with a local demand channel, we find that consumption is less responsive to local labor demand shocks in counties with more generous benefits. Our analysis finds that the local fiscal multiplier of unemployment insurance expenditure is approximately 1.9.

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