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Do the Rich Stay Unemployed Longer? An Empirical Study for the UK

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  • Stancanelli, Elena G F

Abstract

This paper investigates the impact of individual asset holdings on the probability of leaving unemployment. According to the theory, higher levels of financial wealth will result in higher reservation wages and longer unemployment durations. I estimate the impact of beginning of period financial assets on the hazard rate, using data drawn from a UK inflow sample of the unemployed. The empirical findings indicate that individual asset holdings affect significantly the escape rate out of unemployment. In particular, negative levels of wealth increase significantly the hazard of leaving unemployment while positive levels of wealth reduce significantly the probability of leaving unemployment.

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Bibliographic Info

Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 61 (1999)
Issue (Month): 3 (August)
Pages: 295-314

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Handle: RePEc:bla:obuest:v:61:y:1999:i:3:p:295-314

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  1. Stancanelli, E.G.F. & Bloemen, H.G., 1997. "Individual wealth, reservation wages and transitions into employment," Discussion Paper 9702, Tilburg University, Center for Economic Research.
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Cited by:
  1. Namkee Ahn & José Ignacio García-Pérez, 2002. "Unemployment duration and workers' wage aspirations in Spain," Spanish Economic Review, Springer, vol. 4(2), pages 103-118.
  2. Hans G. Bloemen & Elena G. F. Stancanelli, 2003. "Financial Wealth, Consumption Smoothing, and Income Shocks due to Job Loss," Documents de Travail de l'OFCE 2003-09, Observatoire Francais des Conjonctures Economiques (OFCE).
  3. Martin Browning & Thomas F. Crossley & Eric Smith, 2003. "Asset Accumulation and Short Term Employment," CAM Working Papers 2003-02, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics.
  4. Bloemen, H.G. & Stancanelli, E.G.F., 1997. "Individual Wealth, Reservation Wages and Transitions into Employment," Discussion Paper 1997-02, Tilburg University, Center for Economic Research.
  5. Kalwij, A.S., 1999. "Household Consumption, Female Employment and Fertility Decisions; A Microeconometric Analysis," Open Access publications from Tilburg University urn:nbn:nl:ui:12-80009, Tilburg University.
  6. Tricia Gladden & Michelle Alexopoulos, 2004. "The Effects of Wealth, and Unemployment Benefits on Search Behavior and Labor Market Transitions," Econometric Society 2004 North American Summer Meetings 517, Econometric Society.
  7. Bloemen, Hans, 2006. "The Impact of Wealth on Job Exit Rates of Elderly Workers," IZA Discussion Papers 2247, Institute for the Study of Labor (IZA).
  8. Bauer, Christian, 2011. "On the reservation wage under CARA and limited borrowing," Mathematical Social Sciences, Elsevier, vol. 62(2), pages 126-129, September.
  9. Kalwij, A.S., 1998. "Household Wealth, Female Labor Force Participation and Fertility Decisions," Discussion Paper 1998-89, Tilburg University, Center for Economic Research.
  10. Centeno, Mario & Novo, Alvaro A., 2012. "Do Low-Wage Workers React Less to Longer Unemployment Benefits? Quasi-Experimental Evidence," IZA Discussion Papers 6992, Institute for the Study of Labor (IZA).

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