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Savings and labour market transitions

Author

Listed:
  • Richard Blundell

    () (Institute for Fiscal Studies and IFS and UCL)

  • Thierry Magnac

    () (Institute for Fiscal Studies and Toulouse School of Economics)

  • Costas Meghir

    () (Institute for Fiscal Studies and Yale University)

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

Suggested Citation

  • Richard Blundell & Thierry Magnac & Costas Meghir, 1996. "Savings and labour market transitions," IFS Working Papers W96/05, Institute for Fiscal Studies.
  • Handle: RePEc:ifs:ifsewp:96/05
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    Cited by:

    1. Bloemen, Hans G. & Stancanelli, Elena G.F., 2001. "Financial wealth, consumption smoothing, and income shocks due to job loss," Serie Research Memoranda 0036, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    2. Blundell, Richard & Macurdy, Thomas, 1999. "Labor supply: A review of alternative approaches," Handbook of Labor Economics,in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 27, pages 1559-1695 Elsevier.
    3. Bloemen, Hans G & Stancanelli, Elena G F, 2001. "Individual Wealth, Reservation Wages, and Transitions into Employment," Journal of Labor Economics, University of Chicago Press, vol. 19(2), pages 400-439, April.
    4. Hans G. Bloemen, 2016. "Private wealth and job exit at older age: a random effects model," Empirical Economics, Springer, vol. 51(2), pages 763-807, September.
    5. Ben Lodewijks, 2011. "Financial Constraints and Job Mobility in Australia," The Economic Record, The Economic Society of Australia, vol. 87(276), pages 61-75, March.
    6. Thomas Huizen & Janneke Plantenga, 2014. "Job Search Behaviour and Time Preferences: Testing Exponential Versus Hyperbolic Discounting," De Economist, Springer, vol. 162(3), pages 223-245, September.
    7. Gibson, John & Johnson, David, 2017. "Why Bother? Understanding the Impact of Financial Obligations on Wage Selectivity," MPRA Paper 78244, University Library of Munich, Germany.
    8. Lammers, Marloes, 2014. "The effects of savings on reservation wages and search effort," Labour Economics, Elsevier, vol. 27(C), pages 83-98.
    9. repec:spr:izalbr:v:6:y:2017:i:1:d:10.1186_s40172-017-0054-3 is not listed on IDEAS
    10. Bloemen, Hans, 2006. "The Impact of Wealth on Job Exit Rates of Elderly Workers," IZA Discussion Papers 2247, Institute for the Study of Labor (IZA).
    11. repec:spo:wpecon:info:hdl:2441/9704 is not listed on IDEAS
    12. Liu, Haiyong & Mroz, Thomas & Adair, Linda, 2009. "Parental compensatory behaviors and early child health outcomes in Cebu, Philippines," Journal of Development Economics, Elsevier, vol. 90(2), pages 209-230, November.
    13. Hans G. Bloemen, 2002. "The relation between wealth and labour market transitions: an empirical study for the Netherlands," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 17(3), pages 249-268.
    14. Kazianga, Harounan & Udry, Christopher, 2006. "Consumption smoothing? Livestock, insurance and drought in rural Burkina Faso," Journal of Development Economics, Elsevier, vol. 79(2), pages 413-446, April.

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