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Insurance-Markets Equilibrium with Double Indivisible Labor Supply

Listed author(s):
  • Aleksandar Vasilev

    ()

    (Department of Economics, American University in Bulgaria, Blagoevgrad, Bulgaria)

This note describes the lottery- and insurance-market equilibrium in an economy with both private and public sector employment and non-convex labor supply. In addition, when households are constrained to search for jobs only in a certain sector, the framework requires that there should be separate insurance markets: a public and a private sector one, which would pool the unemployment risk of the corresponding group of households. The unemployment insurance market segmentation is a new result in the literature and a direct consequence of the non-convexity of the labor supply in each sector and the sorting effect of the sector-type shock introduced in the model setup.

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Article provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its journal Czech Economic Review.

Volume (Year): 9 (2015)
Issue (Month): 2 (December)
Pages: 091-103

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Handle: RePEc:fau:aucocz:au2015_091
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  1. Hansen, Gary D., 1985. "Indivisible labor and the business cycle," Journal of Monetary Economics, Elsevier, vol. 16(3), pages 309-327, November.
  2. Vasilev, Aleksandar, 2015. "Macroeconomic effects of public-sector unions," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 101-126.
  3. Vasilev, Aleksandar, 2016. "Aggregation with a double non-convex labor supply decision: indivisible private- and public-sector hours," EconStor Open Access Articles, ZBW - German National Library of Economics.
  4. Vasilev, Aleksandar, 2013. "Technical Appendix to "Macroeconomic effects of public sector unions"," MPRA Paper 68235, University Library of Munich, Germany, revised Dec 2015.
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