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Cash-on-hand and the duration of job search : quasi-experimental evidence from Norway

Basten, Christoph; Fagereng, Andreas; Telle, Kjetil
Journal article, Peer reviewed
Accepted version
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Art_Economic_Journal_Fagereng.pdf (1.651Mb)
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http://hdl.handle.net/11250/2582017
Utgivelsesdato
2014-05-23
Metadata
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  • Artikler / Journal articles [372]
Originalversjon
The economic journal, 2014, Vol. 124, No. 576, pp. 540-568   https://doi.org/10.1111/ecoj.12135
Sammendrag
We identify the causal effect of lump-sum severance payments on non-employment duration in Norway by exploiting a discontinuity in eligibility at age 50. We find that a payment worth 1.2 months’ earnings

at the median lowers the fraction re-employed after a year by about eight percentage points. This is what we would expect if liquidity constraints force unemployed workers to accept a job offer earlier than would be optimal. As further support for the liquidity story, we use data on wealth before unemployment to show that the effect of non-employment duration occurs for the non-wealthy only.

Keywords: Unemployment, Optimal Unemployment Insurance, Liquidity Constraints, Severance Pay, Regression Discontinuity Design.
Beskrivelse
First published: 23 May 2014
Utgiver
Wiley
Tidsskrift
The Economic Journal
Opphavsrett
Wiley,

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