Job Search and Savings: Wealth Effects and Duration Dependence
研究风险厌恶工人在就业与失业间转换时的最优储蓄与求职行为，发现求职努力与财富负相关，且因失业期间消耗储蓄平滑消费而产生正向失业持续时间依赖性。
This article studies a risk-averse worker's optimal savings and job search behavior as she moves back and forth between employment and unemployment. We show that job search effort is negatively related to wealth under the assumption of additively separable utility. Consequently, job search exhibits positive unemployment duration dependence because wealth is drawn down to smooth consumption as the spell progresses. Finally, given optimal search, savings still provide imperfect insurance against income fluctuations; precautionary savings are built up during employment spells and run down during unemployment spells, but the consumption path will not be perfectly smooth over states.