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Estimating a Life Cycle Model with Unemployment and Human Capital Depreciation

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Author Info
Andreas Pollak (University of Freiburg)

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Abstract

I estimate a life cycle model of consumption choice with unemployment risk. Employed individuals face the risk of losing their job. Unemployed agents receive job random offers of different quality, which they can accept or reject. Following the loss of a job and during unemployment, an agent’s productivity declines. Using micro data, I estimate the structural model for Germany, the UK, and the US following the method of simulated moments approach of Duffie and Singleton. The estimated model is used to perform policy simulations that highlight the relationship between the unemployment insurance scheme and the unemployment rates of different age groups.

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File URL: http://129.3.20.41/eps/em/papers/0510/0510004.pdf
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Publisher Info
Paper provided by EconWPA in its series Econometrics with number 0510004.

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Length: 57 pages
Date of creation: 23 Oct 2005
Date of revision:
Handle: RePEc:wpa:wuwpem:0510004

Note: Type of Document - pdf; pages: 57
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Web page: http://129.3.20.41

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Related research
Keywords: Method of Simulated Moments; Unemployment Insurance; Life- Cycle Models; Human Capital;

Find related papers by JEL classification:
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
D1 - Microeconomics - - Household Behavior
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search

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