English, Article, Journal or magazine article edition: Unemployment, Imperfect Risk Sharing, and the Monetary Business Cycle. Gregory Erin Givens

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Bookmark: http://trove.nla.gov.au/version/91787
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Unemployment, Imperfect Risk Sharing, and the Monetary Business Cycle.
Author
  • Gregory Erin Givens
Physical Description
  • preprint
Notes
  • This paper examines the impact of unemployment insurance on the propagation of monetary disturbances in a staggered price model of the business cycle. To motivate a role for risk sharing behavior, I construct a quantitative equilibrium model that gives prominence to an efficiency-wage theory of unemployment based on imperfectly observable labor effort. Dynamic simulations reveal that under a full insurance arrangement, staggered price-setting is incapable of generating persistent real effects of a monetary shock. Introducing partial insurance, however, bolsters the amount of endogenous wage rigidity present in the model, enriching the propagation mechanism. Positive real persistence appears in versions of the model that exclude capital accumulation as well as in versions that do not.
  • Unemployment, Partial Insurance, Staggered Prices, Endogenous Persistence
  • RePEc:mts:wpaper:200710
Language
  • English
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