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UID:eaafc18122f291251bb7e50fc4f452fd
CATEGORIES:Seminars
CREATED:20260904T105834
SUMMARY:Sebastian Graves - University of Cambridge
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nThe Active Search Premium\n\n\n \n\n\nAbstract:\nWe document that 
 the job-finding premium of non-employed active searchers over comparable no
 nparticipants is surprisingly small, falls in recessions (approaching zero 
 in the Great Recession), and declines as aggregate search effort rises. Thi
 s pattern contradicts the standard assumption of a constant relative return
  to active search; rather, it points to a crowding-out of active search. We
  relax the assumption that active and passive search are perfect substitute
 s in matching (implying an infinite elasticity of substitution), instead es
 timating an elasticity of only one-fifth. We develop a sufficient statistic
 s representation to show that aggregate search effort responds less to an e
 conomy-wide change in unemployment insurance benefits than individual-level
  estimates would suggest. Under a Baily-Chetty formula, crowding out weaken
 s the disincentive effects of benefits most in recessions; in an equilibriu
 m business-cycle model, it dampens the unemployment-duration response to be
 nefit expansions by 40 to 60 percent.\n
DTSTAMP:20261001T025514Z
DTSTART:20261005T163000Z
DTEND:20261005T180000Z
SEQUENCE:0
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