Title: The Macroeconomic Effects of UI Ext ensions at Short and Long Durations (co-authors M. Acosta\, E. Nakamura\, J . Steinsson)
Abstract:
We study the macroeconomic effects of un employment insurance (UI) benefit extensions in the United States at short and long durations. To do this\, we develop a new state level dataset on tr igger variables for UI extensions and a "UI benefit calculator'' based on d etailed legislative and administrative sources spanning five decades. Our i dentification approach exploits variation across states in the options gove rning the Extended Benefits program. Our estimates imply that UI extensions during time periods when UI benefit durations are already long -- such as in the Great Recession -- have minimal effects. However\, UI extensions whe n initial durations are shorter have substantial effects on the unemploymen t rate and the number of people receiving UI. We develop an equilibrium sea rch-and-matching model that incorporates realistic features of the UI syste m. The calibration that best matches our empirical findings implies small g eneral equilibrium effects of UI extensions.
LOCATION:IONA 533 GEO:49.260872;-123.113952 URL;VALUE=URI:https://economics.ubc.ca/events/event/andreas-mueller-ut-aust in-macroeconomics-seminar/ END:VEVENT BEGIN:VTIMEZONE TZID:America/Vancouver BEGIN:DAYLIGHT TZOFFSETFROM:-0800 TZOFFSETTO:-0700 DTSTART:20230312T100000 TZNAME:PDT END:DAYLIGHT END:VTIMEZONE END:VCALENDAR