Extended Unemployment Benefits and Early Retirement: Program Complementarity and Program Substitution
研究了延长失业救济金对老年工人提前退休和福利的影响，发现对50岁以上工人有项目互补效应，对55岁以上工人有项目替代效应，并利用奥地利政策变化评估了最优失业救济金水平。
We explore how extended unemployment insurance (UI) benefits for older workers affect early retirement and welfare. We argue that extending UI benefits generates program complementarity (more labor market exits and disability benefit take-up in the future) and program substitution (less disability benefit take-up in the present). Exploiting a policy change in Austria, which extended UI benefits to 4 years, we find program complementarity effects for workers aged 50+ and program substitution effects for workers aged 55+. We apply the Baily-Chetty formula for optimal UI to account for complementarity and substitution, showing that UI benefits for older workers were too generous.