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Unemployment Risk, the Housing Market and the Effects of Decentralised Redistribution

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  • John Ermisch

Abstract

The paper examines the general equilibrium effects of benefits to the unemployed and the taxes to pay for them in a two country model in which people move to maximise expected utility. Wages are set by unions, and unemployment emerges as an equilibrium phenomenon. Wage setting institutions are found to be important for assessing the welfare effects of redistribution from the employed to the unemployed. The analysis finds that, with monopoly unions, more redistribution tends to repel population from the country increasing redistribution and to reduce welfare in both countries, but the opposite is the case in a model in which wage setting does not depend on unemployment benefits and taxes. These effects are dampened by the combination of risk averse consumers and inelastic housing supply. Copyright Kluwer Academic Publishers 1998

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File URL: http://hdl.handle.net/10.1023/A:1008642421501
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Bibliographic Info

Article provided by Springer in its journal International Tax and Public Finance.

Volume (Year): 5 (1998)
Issue (Month): 2 (May)
Pages: 187-202

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Handle: RePEc:kap:itaxpf:v:5:y:1998:i:2:p:187-202

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Web page: http://www.springerlink.com/link.asp?id=102915

Related research

Keywords: Decentralised redistribution; labour mobility; union wage setting; unemployment risk;

References

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  1. Oswald, Andrew J., 1993. "Efficient contracts are on the labour demand curve : Theory and facts," Labour Economics, Elsevier, vol. 1(1), pages 85-113, June.
  2. Treyz, George I, et al, 1993. "The Dynamics of U.S. Internal Migration," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 209-14, May.
  3. David E. Wildasin, 1994. "Income Redistribution and Migration," Canadian Journal of Economics, Canadian Economics Association, vol. 27(3), pages 637-56, August.
  4. Johnes, Geraint & Hyclak, Thomas, 1994. "House Prices, Migration, and Regional Labor Markets," Journal of Housing Economics, Elsevier, vol. 3(4), pages 312-329, December.
  5. Alan Manning, 1992. "Wage Bargaining and the Phillips Curve: The Identification and Specification of Aggregate Wage Equations," CEP Discussion Papers dp0062, Centre for Economic Performance, LSE.
  6. Peter M. Mieszkowski, 1967. "On the Theory of Tax Incidence," Journal of Political Economy, University of Chicago Press, vol. 75, pages 250.
  7. Manning, Alan, 1987. "An Integration of Trade Union Models in a Sequential Bargaining Framework," Economic Journal, Royal Economic Society, vol. 97(385), pages 121-39, March.
  8. Wildasin, David E, 1991. "Income Redistribution in a Common Labor Market," American Economic Review, American Economic Association, vol. 81(4), pages 757-74, September.
  9. Topel, Robert H & Rosen, Sherwin, 1988. "Housing Investment in the United States," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 718-40, August.
  10. Robin W. Boadway & Frank R. Flatters, 1982. "Efficiency and Equalization Payments in a Federal System of Government: A Synthesis and Extension of Recent Results," Canadian Journal of Economics, Canadian Economics Association, vol. 15(4), pages 613-33, November.
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