I urval från Stockholms universitets publikationsdatabas

• Macroeconomic Effects of Bankruptcy and Foreclosure Policies

  2016. Kurt Mitman. The American Economic Review 106 (8), 2219-2255

  Artikel

  I study the implications of two major debt-relief policies in the United States: the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and the Home Affordable Refinance Program (HARP). To do so, I develop a model of housing and default that includes relevant dimensions of credit-market policy and captures rich heterogeneity in household balance sheets. The model also explains the observed cross-state variation in consumer default rates. I find that BAPCPA significantly reduced bankruptcy rates, but increased foreclosure rates when house prices fell. HARP reduced foreclosures by 1 percentage point and provided substantial welfare gains to households with high loan-to-value mortgages.

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• Benefit Extensions Keep Unemployed Unemployed

  2015. Kurt Mitman, Marcus Hagedorn, Iourii Manovskii. Austin-American Statesman Jan

  Artikel

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• Optimal unemployment insurance in an equilibrium business-cycle model

  2015. Kurt Mitman, Stanislav Rabinovich. Journal of Monetary Economics 71, 99-118

  Artikel

  The optimal cyclical behavior of unemployment insurance is characterized in an equilibrium search model with risk-averse workers. Contrary to the current US policy, the path of optimal unemployment benefits is pro-cyclical - positively correlated with productivity and employment. Furthermore, optimal unemployment benefits react non-monotonically to a productivity shock: in response to a fall in productivity, they rise on impact but then fall significantly below their pre-recession level during the recovery. As compared to the current US unemployment insurance policy, the optimal state-contingent unemployment benefits smooth cyclical fluctuations in unemployment and deliver substantial welfare gains.

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• The impact of unemployment benefit extensions on employment

  2015. Mattias Hagedorn, Iourii Manovski, Kurt Mitman.

  Rapport

  We measure the effect of unemployment benefit duration on employment. We exploit the variation induced by the decision of Congress in December 2013 not to reauthorize the unprecedented benefit extensions introduced during the Great Recession. Federal benefit extensions that ranged from 0 to 47 weeks across U.S. states at the beginning of December 2013 were abruptly cut to zero. To achieve identification we use the fact that this policy change was exogenous to cross-sectional differences across U.S. states and we exploit a policy discontinuity at state borders. We find that a 1% drop in benefit duration leads to a statistically significant increase of employment by 0.0161 log points. In levels, 1.8 million additional jobs were created in 2014 due to the benefit cut. Almost 1 million of these jobs were filled by workers from out of the labor force who would not have participated in the labor market had benefit extensions been reauthorized.

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• Unemployment Benefit Extensions Caused Jobless Recoveries!?

  2014. Kurt Mitman, Stanislav Rabinovich.

  Rapport

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