00000nam 2200000zi 4500 9.893429 CaOODSP 20221107173438 m o d f cr cn||||||||| 201105t20202020onca ob f000 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-5/2020-47E-PDF Birinci, Serdar, author. How should unemployment insurance vary over the business cycle? / by Serdar Birinci and Kurt See. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2020. ©2020 1 online resource (ii, 46, 21 pages) : colour graphs. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2020-47 "Last updated: November 6, 2020." Includes bibliographical references (pages 42-46). "We study optimal unemployment insurance (UI) policy over the business cycle, using a heterogeneous agent job-search model with aggregate risk and incomplete markets. We validate the model-implied micro and macro labor market elasticities to changes in the generosity of UI benefits against existing estimates and we reconcile divergent empirical findings. We show that generating the observed demographic differences between UI recipients and non-recipients is critical for determining the magnitudes of these elasticities. We find that the optimal UI policy features countercyclical replacement rates with an average generosity that is close to current U.S. policy but that it adopts drastically longer payment durations reminiscent of European policies"--Abstract, page ii. Unemployment insurance Economic aspects. Assurance-chômage Aspect économique. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2020-47. (CaOODSP)9.806221 PDF 878 KB https://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-47-eng.pdf