The Resource The optimal design of unemployment insurance and employment protection : a first pass, [by] Olivier Blanchard., (electronic resource)

The optimal design of unemployment insurance and employment protection : a first pass, [by] Olivier Blanchard., (electronic resource)

Label
The optimal design of unemployment insurance and employment protection : a first pass
Title
The optimal design of unemployment insurance and employment protection
Title remainder
a first pass
Statement of responsibility
[by] Olivier Blanchard.
Creator
Contributor
Provider
Language
eng
Summary
Much of the policy discussion of labor market institutions has been at the margin, with proposals to tighten unemployment benefits, reduce employment protection, and so on. There has been little discussion however of what the ultimate goal and architecture should be. The paper focuses on characterizing this ultimate goal, the optimal architecture of labor market institutions. We start our analysis with a simple benchmark, with risk-averse workers, risk-neutral firms and random shocks to productivity. In this benchmark, we show that optimality requires both unemployment insurance and employment protection - in the form of layoff taxes; it also requires that layoff taxes be equal to unemployment benefits. We then explore the implications of four broad categories of deviations: limits on insurance, limits on layoff taxes, ex-post wage bargaining, and heterogeneity of firms or workers. We show how the architecture must be modified in each case. The scope for insurance may be more limited than in the benchmark; so may the scope for employment protection. The general principle remains however, namely the need to look at unemployment insurance and employment protection together, rather than in isolation. Keywords: Unemployment insurance, employment protection, unemployment benefits, layoff taxes, layoffs, severance payments. JEL Classifications: D60, E62, H21, J30, J32, J38, J65
Member of
Additional physical form
Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
Cataloging source
MYG
http://library.link/vocab/creatorName
Blanchard, Olivier
Index
no index present
Literary form
non fiction
Nature of contents
  • bibliography
  • technical reports
http://library.link/vocab/relatedWorkOrContributorName
  • Tirole, Jean
  • Massachusetts Institute of Technology
  • Internet Archive
Series statement
Working paper series / Massachusetts Institute of Technology, Dept. of Economics
Series volume
working paper 04-15
Label
The optimal design of unemployment insurance and employment protection : a first pass, [by] Olivier Blanchard., (electronic resource)
Instantiates
Publication
Note
  • "April 1, 2004."
  • Added author, Jean Tirole, missing from t.p.; supplied from cover
Bibliography note
Includes bibliographical references (p. 43-44)
Dimensions
28 cm.
Extent
44 p.
Specific material designation
remote
System control number
  • (OCoLC)55231797
  • (CaSfIA)optimaldesignofu00blan
  • (CaSfIA)001259284
Label
The optimal design of unemployment insurance and employment protection : a first pass, [by] Olivier Blanchard., (electronic resource)
Publication
Note
  • "April 1, 2004."
  • Added author, Jean Tirole, missing from t.p.; supplied from cover
Bibliography note
Includes bibliographical references (p. 43-44)
Dimensions
28 cm.
Extent
44 p.
Specific material designation
remote
System control number
  • (OCoLC)55231797
  • (CaSfIA)optimaldesignofu00blan
  • (CaSfIA)001259284

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