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Estimating a Life Cycle Model with Unemployment and Human Capital Depreciation

  • Andreas Pollak

    (University of Freiburg)

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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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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