Optimal Life Cycle Unemployment Insurance
研究发现，美国若提高年轻工人的失业保险金、降低老年工人的保险金，可提升整体福利，因为年轻人更需平滑消费和积累人力资本，且道德风险较小。
We argue that US welfare would rise if unemployment insurance were increased for younger and decreased for older workers. This is because the young tend to lack the means to smooth consumption during unemployment and want jobs to accumulate high-return human capital. So unemployment insurance is most valuable to them, while moral hazard is mild. By calibrating a life cycle model with unemployment risk and endogenous search effort, we find that allowing unemployment replacement rates to decline with age yields sizeable welfare gains to US workers.