NO.1085Self-EmploymentandJANUARY2024LaborMarketRisksRichardAudolySelf-EmploymentandLaborMarketRisksRichardAudolyFederalReserveBankofNewYorkStaffReports,no.1085January2024https://doi.org/10.59576/sr.1085AbstractIstudythelabormarketrisksassociatedwithbeingself-employed.Idocumentthattheself-employedaresubjecttolargerearningsfluctuationsthanemployeesandthattheyfrequentlytransitionintounemployment.Giventhattheself-employedarenoteligibletounemploymentinsurance,Ianalyzetheprovisionofbenefitstargetedattheserisksusingacalibratedsearchmodelwith(i)precautionarysavings,(ii)workopportunitiesinpaidandself-employment,and(iii)skillheterogeneity.ThisexercisesuggeststhatextendingthecurrentU.S.unemploymentinsuranceschemetotheself-employedcomeswithaclearincreaseinthetransitionratefromself-employmenttounemploymentandanunequalbenefits-to-contributionsratioacrossskillgroups.Atthecalibratedparameters,theself-employedinthemiddleoftheskilldistributionlosewelfare.JELclassification:J40,J64,J65Keywords:self-employment,unemploymentinsurance,earningsdynamics_________________Audoly:FederalReserveBankofNewYork(email:audolyr@gmail.com).Thispaperisarevisedversionofthesecondchapteroftheauthor’sdoctoraldissertation.HethankshissupervisorsatUniversityCollegeLondon,FabienPostel-VinayandJanEeckhout,fortheircontinualguidance.Inaddition,hethanksRoryM...
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