Wage Risk and Employment Risk over the Life Cycle
构建了一个包含搜索摩擦的生命周期模型，区分生产率冲击、工作到达和失业等风险来源，发现工作流动性显著影响生产率风险估计，且生产率风险增加会带来较大福利损失，而就业风险主要通过产出渠道影响福利。
We specify a life-cycle model of consumption, labor supply and job mobility in an economy with search frictions. We distinguish different sources of risk, including shocks to productivity, job arrival, and job destruction. Allowing for job mobility has a large effect on the estimate of productivity risk. Increases in the latter impose a considerable welfare loss. Increases in employment risk have large effects on output and, primarily through this channel, affect welfare. The welfare value of programs such as Food Stamps, partially insuring productivity risk, is greater than the value of unemployment insurance which provides (partial) insurance against employment risk.