Unemployment Insurance in Macroeconomic Stabilization
研究失业保险在总需求不足时如何通过提高失业者消费倾向或预防性储蓄来刺激产出和就业，发现2008-2014年美国延长失业金产生了约1的产出乘数，否则失业率可能高出0.4个百分点。
Abstract I study unemployment insurance (UI) in general equilibrium with incomplete markets, search frictions, and nominal rigidities. An increase in generosity raises the aggregate demand for consumption if the unemployed have a higher marginal propensity to consume than the employed or if agents precautionary save in light of future income risk. This raises output and employment unless monetary policy raises the nominal interest rate. In an analysis of the U.S. economy over 2008–2014, UI benefit extensions had a contemporaneous output multiplier around 1. The unemployment rate would have been as much as 0.4 pp higher absent these extensions.