Richard Blundell () (Institute for Fiscal Studies and University College London) Thierry Magnac Costas Meghir () (Institute for Fiscal Studies and University College London)
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A model is developed that allows for a layoff rate and a job arrival rate in the intertemporal choice of consumption and labor market state. The identification of such a model is established without recourse to dynamic programming solutions and the minimum data requirements for estimation are derived. Unobserved heterogeneity is included in the model specification but state dependence is only allowed through the layoff and arrival rates which are restricted to be functions of observable weakly exogenous variables.
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Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number
W96/05.
Length: Date of creation: Jan 1996 Date of revision: Handle: RePEc:ifs:ifsewp:96/05
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