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Unemployment Insurance in Chile: Does it Stabilize the Business Cycle?

  • Rodrigo Cerda
  • Rodrigo Vergara

    ()

    (Studies Division, Chilean Pension Supervisor)

En este artículo exploramos los efectos del seguro de cesantía en Chile. Un modelo de equilibrio es calibrado para la economía chilena para el periodo 1960-2000. Suponemos una economía sujeta a shocks tecnológicos exógenos con una fracción de la población sujeta a restricciones de liquidez. Nuestra principal conclusión es que el seguro de cesantía tiene un cierto efecto estabilizador del ciclo económico, especialmente sobre el consumo, pero este es un efecto de segundo orden de magnitud. También encontramos que mientras más grande sea la fracción de la población sujeta a restricciones de liquidez, más probable es que el programa sea beneficioso en términos de bienestar. Nuestros resultados sugieren que el objetivo de estabilizar el ciclo económico podría ser alcanzado más eficientemente utilizando instrumentos alternativos..

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File URL: http://www.spensiones.cl/redirect/files/doctrab/DT00017.pdf
File Function: Revised version, 2007
Download Restriction: no

Paper provided by Superintendencia de Pensiones in its series Working Papers with number 17.

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Date of creation: Dec 2006
Date of revision: May 2007
Handle: RePEc:sdp:sdpwps:17
Contact details of provider: Web page: http://www.spensiones.cl/

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  1. Beaudry, Paul & Pages, Carmen, 2001. "The cost of business cycles and the stabilization value of unemployment insurance," European Economic Review, Elsevier, vol. 45(8), pages 1545-1572, August.
  2. Hansen, Gary D., 1985. "Indivisible labor and the business cycle," Journal of Monetary Economics, Elsevier, vol. 16(3), pages 309-327, November.
  3. Easley, David & Kiefer, Nicholas M & Possen, Uri, 1985. "An Equilibrium Analysis of Optimal Unemployment Insurance and Taxation," The Quarterly Journal of Economics, MIT Press, vol. 100(5), pages 989-1010, Supp..
  4. Rómulo A. Chumacero & Klaus Schmidt-Hebbel, 2004. "General Equilibrium Models: An Overview," Working Papers Central Bank of Chile 307, Central Bank of Chile.
  5. Imrohoruglu, Ayse, 1989. "Cost of Business Cycles with Indivisibilities and Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1364-83, December.
  6. Hansen, Gary D & Imrohoroglu, Ayse, 1992. "The Role of Unemployment Insurance in an Economy with Liquidity Constraints and Moral Hazard," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 118-42, February.
  7. Enrique G. Mendoza & Katherine A. Smith, 2002. "Margin Calls, Trading Costs, and Asset Prices in Emerging Markets: The Finanical Mechanics of the 'Sudden Stop' Phenomenon," NBER Working Papers 9286, National Bureau of Economic Research, Inc.
  8. Daniel S. Hamermesh, 1980. "Social Insurance and Consumption: An Empirical Inquiry," NBER Working Papers 0600, National Bureau of Economic Research, Inc.
  9. Raphael Bergoeing & Raimundo Soto, 2002. "Testing Real Business Cycle Models in an Emerging Economy," Documentos de Trabajo 126, Centro de Economía Aplicada, Universidad de Chile.
  10. repec:qed:wpaper:965 is not listed on IDEAS
  11. Marcel, Mario, 2001. "Balance Estructural del Gobierno Central. Metodología y Estimaciones para Chile
    [Structural Bazlance of Central Government. Methodology and estimates for Chile]
    ," MPRA Paper 43338, University Library of Munich, Germany.
  12. Martin Neil Bailey, 1977. "Unemployment insurance as insurance for workers," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 30(4), pages 495-504, July.
  13. Kenneth L. Judd, 1998. "Numerical Methods in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262100711, June.
  14. Andrew Atkeson & Christopher Phelan, 1994. "Reconsidering the Costs of Business Cycles with Incomplete Markets," NBER Working Papers 4719, National Bureau of Economic Research, Inc.
  15. Laura Brown & Christopher Ferrall, 2003. "Unemployment insurance and the business cycle," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(3), pages 863-894, 08.
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