UNEMPLOYMENT, HUMAN CAPITAL DEPRECIATION, AND UNEMPLOYMENT INSURANCE POLICY
失业、人力资本折旧与失业保险政策
SUMMARY This paper presents a structural estimation of a life cycle model with unemployment risk. The model allows for human capital depreciation during unemployment. It is estimated using German and US household‐level data. The data suggest that the adverse impact of unemployment on individual productivity is important in both countries, but quantitatively more relevant in Germany. Moreover, simulations show that the combination of skill depreciation with the generous…