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The revealed cost of unemployment

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Author Info
Stratford Douglas
Howard J. Wall

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Abstract

The costs of unemployment usually are stated in terms of the amount of aggregate income that is foregone because of resources left idle. Although useful, this method does not provide all of the information necessary for normative analysis. In this article, Stratford Douglas and Howard J. Wall propose an alternative that measures the cost of regional and national unemployment by the amount that people would be willing to pay to avoid it. The authors' model treats unemployment as a region-specific disamenity, and uses regional cross-migration data to reveal preferences towards income and unemployment.

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Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2000)
Issue (Month): Mar ()
Pages: 1-10
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Handle: RePEc:fip:fedlrv:y:2000:i:mar:p:1-10:n:v.82no.2

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Keywords: Unemployment;

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  1. William Milne, 1993. "Macroeconomic Influences on Migration," Regional Studies, Taylor and Francis Journals, vol. 27(4), pages 365-373, January. [Downloadable!] (restricted)
  2. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416. [Downloadable!] (restricted)
  3. Jim Dolmas, 1998. "Risk Preferences and the Welfare Cost of Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(3), pages 646-676, July. [Downloadable!] (restricted)
  4. Ghatak, Subrata & Levine, Paul & Price, Stephen Wheatley, 1996. " Migration Theories and Evidence: An Assessment," Journal of Economic Surveys, Blackwell Publishing, vol. 10(2), pages 159-98, June.
  5. Clark, Kenneth & Leslie, Derek & Symons, Elizabeth, 1994. "The Costs of Recession," Economic Journal, Royal Economic Society, vol. 104(422), pages 20-36, January. [Downloadable!] (restricted)
  6. Kathleen M. Day, 1992. "Interprovincial Migration and Local Public Goods," Canadian Journal of Economics, Canadian Economics Association, vol. 25(1), pages 123-44, February. [Downloadable!] (restricted)
  7. Imrohoruglu, Ayse, 1989. "Cost of Business Cycles with Indivisibilities and Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1364-83, December. [Downloadable!] (restricted)
  8. Greenwood, Michael J, et al, 1991. "Migration, Regional Equilibrium, and the Estimation of Compensating Differentials," American Economic Review, American Economic Association, vol. 81(5), pages 1382-90, December. [Downloadable!] (restricted)
  9. Lindbeck, Assar & Snower, Dennis J, 1986. "Wage Setting, Unemployment, and Insider-Outsider Relations," American Economic Review, American Economic Association, vol. 76(2), pages 235-39, May.
  10. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-78, December. [Downloadable!] (restricted)
  11. Robert E. Hall, 1970. "Why Is the Unemployment Rate So High at Full Employment?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 1(1970-3), pages 369-410. [Downloadable!]
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