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Unemployment insurance in Chile: Does it stabilize the business cycle?

机译:智利的失业保险:它能稳定商业周期吗?

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We explore the stabilizing effects of unemployment insurance in Chile. A dynamic general equilibrium model is calibrated for the Chilean economy for the 1960-2000 period. We assume that the economy is subject to exogenous technological shocks and that a fraction of the population is liquidity constrained. Our main conclusion is that unemployment insurance has some stabilizing effect on the business cycle, especially on consumption, but that this effect is of the second order of magnitude. We also find that the larger the fraction of the population that is liquidity constrained, the more likely the program is welfare improving. Our results suggest that the objective of stabilizing the business cycle would be more efficiently achieved using alternative instruments.
机译:我们探讨了智利失业保险的稳定作用。为智利经济在1960年至2000年期间校准了动态一般均衡模型。我们假设经济受到外来技术冲击,一部分人口的流动性受到限制。我们的主要结论是,失业保险对经济周期,尤其是对消费周期具有一定的稳定作用,但是这种影响是第二数量级的。我们还发现,受流动性限制的人口比例越大,该计划改善福利的可能性就越大。我们的结果表明,使用替代工具可以更有效地实现稳定商业周期的目标。

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