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Savings and labour market transitions

Author

Listed:
  • Richard Blundell

    (UCL - University College of London [London])

  • Thierry Magnac

    (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CEPR - Center for Economic Policy Research)

  • Costas Meghir

    (Yale University [New Haven], UCL - University College of London [London])

Abstract

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. These are restricted to be functions of observable weakly exogenous variables.

Suggested Citation

  • Richard Blundell & Thierry Magnac & Costas Meghir, 1997. "Savings and labour market transitions," Post-Print hal-05149876, HAL.
    • Handle: RePEc:hal:journl:hal-05149876
    DOI: 10.2307/1392302
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