Finance and Economics Discussion Series: Data for paper 201386
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Unemployment Insurance Experience Rating and Labor Market Dynamics
Figure 1: Typical Tax Schedule, Reserve Ratio
| Experience Factor | Tax Rate | Percent of Taxable Payroll |
|---|---|---|
| 1 | 5.4 | 0.000602133455360188 |
| 2 | 5.4 | 0.00193707558613902 |
| 3 | 5.4 | 0.0139064854107398 |
| 4 | 5.4 | 0.000498655258306964 |
| 5 | 5.4 | 0.000977063843932258 |
| 6 | 5.4 | 0.000955608414672578 |
| 7 | 5.4 | 0.00427532884654404 |
| 8 | 5.11 | 0.0029754406565275 |
| 9 | 5.02 | 0.00144800404070056 |
| 10 | 4.75 | 0.000934584684190759 |
| 11 | 4.57 | 0.00218599310145353 |
| 12 | 4.36 | 0.0029261406560958 |
| 13 | 4.15 | 0.00293939380857613 |
| 14 | 3.85 | 0.00385938707407519 |
| 15 | 3.65 | 0.00701044279343645 |
| 16 | 3.52 | 0.00584282710895645 |
| 17 | 3.25 | 0.00841540646598429 |
| 18 | 3.01 | 0.0104115816148124 |
| 19 | 2.95 | 0.00776319595239226 |
| 20 | 2.72 | 0.00832397266483339 |
| 21 | 2.65 | 0.00593305215352935 |
| 22 | 2.65 | 0.00775184227453452 |
| 23 | 2.4 | 0.00992419369460765 |
| 24 | 2.35 | 0.0124846854858554 |
| 25 | 2.3 | 0.0147712212326727 |
| 26 | 2.05 | 0.0207515875722556 |
| 27 | 2.05 | 0.021322595545732 |
| 28 | 1.87 | 0.0361100486524523 |
| 29 | 1.75 | 0.0229846790103737 |
| 30 | 1.75 | 0.0318714573719042 |
| 31 | 1.61 | 0.0337437349714863 |
| 32 | 1.45 | 0.0359139710675479 |
| 33 | 1.45 | 0.060471415065424 |
| 34 | 1.24 | 0.0831812746338115 |
| 35 | 1.15 | 0.0835968278773803 |
| 36 | 1.15 | 0.0956484763191635 |
| 37 | 0.87 | 0.166288469757342 |
| 38 | 0.85 | 0.179826500261178 |
| 39 | 0.83 | 0.185168125089038 |
| 40 | 0.55 | 0.151118099834659 |
| 41 | 0.55 | 0.107704010049948 |
| 42 | 0.49 | 0.0622002823310007 |
| 43 | 0.25 | 0.0475577505040083 |
| 44 | 0.25 | 0.0296605552509681 |
| 45 | 0.25 | 0.0186137720544113 |
| 46 | 0.25 | 0.0228972168379791 |
| 47 | 0.25 | 0.025475839977897 |
| 48 | 0.25 | 0.0214312109582418 |
| 49 | 0.25 | 0.0197258712760584 |
| 50 | 0.25 | 0.0250639130040623 |
| 51 | 0.25 | 0.0144604844523685 |
| 52 | 0.25 | 0.0156700612580566 |
| 53 | 0.25 | 0.00726264121946271 |
| 54 | 0.25 | 0.00544039750823465 |
| 55 | 0.25 | 0.0161259783373553 |
| 56 | 0.25 | 0.00277435536579996 |
| 57 | 0.25 | 0.00251110545106047 |
| 58 | 0.25 | 0.00187011910569281 |
| 59 | 0.25 | 0.00198132471086974 |
| 60 | 0.25 | 0.00171129712531784 |
| 61 | 0.25 | 0.000915633107842672 |
| 62 | 0.25 | 0.00059880937477066 |
| 63 | 0.25 | 0.000604335119127278 |
| 64 | 0.25 | 0.00343744468859409 |
| 65 | 0.25 | 0.000862922687065873 |
| 66 | 0.25 | 0.000613832492240214 |
| 67 | 0.25 | 0.000833351320782411 |
| 68 | 0.25 | 0.000633733805899595 |
| 69 | 0.25 | 0.00197070492093437 |
Source: Department of Labor
Figure 2: Alabama's Tax Schedule
| Benefit Ratio | Tax Rate | Percent of Taxable Payroll |
|---|---|---|
| 1 | 0.74 | 0.0925194481796449 |
| 2 | 0.74 | 0.0950316250342762 |
| 3 | 0.74 | 0.0789082917206483 |
| 4 | 0.89 | 0.108057710401178 |
| 5 | 0.89 | 0.0586175205736662 |
| 6 | 1.14 | 0.0543814166942165 |
| 7 | 1.14 | 0.0504336192599619 |
| 8 | 1.34 | 0.0455149475978025 |
| 9 | 1.34 | 0.0367569799490598 |
| 10 | 1.54 | 0.0315802876607115 |
| 11 | 1.54 | 0.0396762418663704 |
| 12 | 1.79 | 0.0261547605351222 |
| 13 | 1.79 | 0.0152791502144791 |
| 14 | 1.99 | 0.029870912380761 |
| 15 | 1.99 | 0.0176173427695336 |
| 16 | 2.19 | 0.0176392613352408 |
| 17 | 2.19 | 0.0147258201158774 |
| 18 | 2.39 | 0.0131414988933853 |
| 19 | 2.39 | 0.00995621289020845 |
| 20 | 2.64 | 0.0102969965653335 |
| 21 | 2.64 | 0.0138559895663989 |
| 22 | 2.84 | 0.00545854139675833 |
| 23 | 2.84 | 0.00728351210000323 |
| 24 | 3.04 | 0.00666679096282075 |
| 25 | 3.04 | 0.00439317177561755 |
| 26 | 3.29 | 0.00669252936155584 |
| 27 | 3.29 | 0.00306705307612518 |
| 28 | 3.49 | 0.00810504904620134 |
| 29 | 3.49 | 0.00635602026148576 |
| 30 | 3.74 | 0.005247359199363 |
| 31 | 3.74 | 0.00335445003726611 |
| 32 | 4.04 | 0.00413460545899614 |
| 33 | 4.04 | 0.00215165737552915 |
| 34 | 4.04 | 0.0032068407752624 |
| 35 | 4.04 | 0.00352443260700421 |
| 36 | 4.49 | 0.00274491382411215 |
| 37 | 4.49 | 0.00169664250319115 |
| 38 | 4.49 | 0.00118551246470633 |
| 39 | 4.49 | 0.00296200766786006 |
| 40 | 4.94 | 0.00275328107741119 |
| 41 | 4.94 | 0.00219322079680807 |
| 42 | 4.94 | 0.00321593561580483 |
| 43 | 4.94 | 0.0010098001454265 |
| 44 | 5.34 | 0.000783065770703609 |
| 45 | 5.34 | 0.00175948785133937 |
| 46 | 5.34 | 0.00135331227271425 |
| 47 | 5.34 | 0.00107882998514358 |
| 48 | 5.74 | 0.00073077043758461 |
| 49 | 5.74 | 0.00120342930057493 |
| 50 | 5.74 | 0.0010927450911735 |
| 51 | 5.74 | 0.000546690865005737 |
| 52 | 6.24 | 0.000459016602176668 |
| 53 | 6.24 | 0.00321411664769635 |
| 54 | 6.24 | 0.000476387747612718 |
| 55 | 6.24 | 0.000446374773822684 |
| 56 | 6.24 | 0.000519588240189282 |
| 57 | 6.24 | 0.00076905971626826 |
| 58 | 6.24 | 0.00046219979636652 |
| 59 | 6.24 | 0.000722857926312692 |
| 60 | 6.34 | 0.00325686239824579 |
| 61 | 6.34 | 0.00241431637039466 |
| 62 | 6.34 | 0.000624724596859824 |
| 63 | 6.34 | 0.00365312460067966 |
| 64 | 6.34 | 0.000512767109782456 |
| 65 | 6.34 | 0.0039319724117107 |
| 66 | 6.34 | 0.000212819268692967 |
| 67 | 6.34 | 0.000370978545725902 |
| 68 | 6.34 | 0.000529865410002233 |
| 69 | 6.34 | 0.000783793357947003 |
| 70 | 6.34 | 0.000486392072209396 |
| 71 | 6.34 | 0.000173711454360499 |
| 72 | 6.34 | 0.000422819136817779 |
| 73 | 6.34 | 8.30358941524268e-05 |
| 74 | 6.34 | 0.000758691598049884 |
| 75 | 6.34 | 0.000508310637916663 |
| 76 | 6.34 | 0.000244651210591488 |
| 77 | 6.34 | 0.000333689699501921 |
| 78 | 6.34 | 0.000834360671362939 |
| 79 | 6.34 | 0.000245105952618609 |
| 80 | 6.34 | 0.00312253160343403 |
| 81 | 6.34 | 0.00125454230442341 |
| 82 | 6.34 | 0.00111784685107062 |
| 83 | 6.34 | 0.00154675953105183 |
| 84 | 6.34 | 0.00175694129598749 |
| 85 | 6.34 | 0.0013123854902733 |
| 86 | 6.34 | 0.00117441675924456 |
| 87 | 6.34 | 0.000818080906791981 |
| 88 | 6.34 | 0.000898388348781678 |
| 89 | 6.34 | 0.000760419617752947 |
| 90 | 6.34 | 0.000622450886724216 |
| 91 | 6.34 | 0.000484482155695485 |
| 92 | 6.34 | 0.000346513424666754 |
| 93 | 6.34 | 0.000208544693638023 |
| 94 | 6.34 | 0.00115640897497054 |
Figure 4a: Policy Function Case 1
| log(s) (Case 1: Firm Policy Funciton for n) | log(n minus 1) (Case 1: Firm Policy Funciton for n) | log(n) (Case 1: Firm Policy Funciton for n) | log(s) (Resulting choice of tau) | tau (Resulting choice of tau) |
|---|---|---|---|---|
| -0.3087 | 5.2749 | 3.3686 | -0.3087 | 0.111 |
| -0.2063 | 5.2749 | 3.7337 | -0.2063 | 0.0989 |
| -0.1553 | 5.2749 | 3.9607 | -0.1553 | 0.0888 |
| -0.1167 | 5.2749 | 4.1113 | -0.1167 | 0.0808 |
| -0.0841 | 5.2749 | 4.2723 | -0.0841 | 0.0707 |
| -0.0546 | 5.2749 | 4.4366 | -0.0546 | 0.0586 |
| -0.0269 | 5.2749 | 4.6205 | -0.0269 | 0.0425 |
| 0 | 5.2749 | 4.9102 | 0 | 0.0103 |
| 0.0269 | 5.2749 | 4.9102 | 0.0269 | 0.0103 |
| 0.0547 | 5.2749 | 4.9102 | 0.0547 | 0.0103 |
| 0.0841 | 5.2749 | 4.9102 | 0.0841 | 0.0103 |
| 0.1168 | 5.2749 | 4.9258 | 0.1168 | 0.01 |
| 0.1555 | 5.2749 | 4.9711 | 0.1555 | 0.01 |
| 0.2066 | 5.2749 | 5.1345 | 0.2066 | 0.01 |
| 0.3126 | 5.2749 | 5.4543 | 0.3126 | 0.01 |
Figure 4b: Policy Function, Case 2
| log(s) (Case 2: Firm Policy Funciton for n) | log(n minus 1) (Case 2: Firm Policy Funciton for n) | Log l (Case 2: Firm Policy Funciton for n) | High l (Case 2: Firm Policy Funciton for n) | log(s) (Resulting choice of tau) | Low l (Resulting choice of tau) | High l (Resulting choice of tau) |
|---|---|---|---|---|---|---|
| -0.3087 | 4.7203 | 3.2924 | 2.9111 | -0.3087 | 0.1305 | 0.25 |
| -0.2063 | 4.7203 | 3.6814 | 3.2098 | -0.2063 | 0.1184 | 0.25 |
| -0.1553 | 4.7203 | 3.876 | 3.3686 | -0.1553 | 0.1104 | 0.25 |
| -0.1167 | 4.7203 | 4.0389 | 3.5057 | -0.1167 | 0.1023 | 0.25 |
| -0.0841 | 4.7203 | 4.1789 | 3.7337 | -0.0841 | 0.0943 | 0.2444 |
| -0.0546 | 4.7203 | 4.3301 | 3.8308 | -0.0546 | 0.0842 | 0.2404 |
| -0.0269 | 4.7203 | 4.4858 | 3.9193 | -0.0269 | 0.0721 | 0.2364 |
| 0 | 4.7203 | 4.6816 | 4.0389 | 0 | 0.054 | 0.2303 |
| 0.0269 | 4.7203 | 4.7203 | 4.1456 | 0.0269 | 0.05 | 0.2243 |
| 0.0547 | 4.7203 | 4.7203 | 4.2723 | 0.0547 | 0.05 | 0.2162 |
| 0.0841 | 4.7203 | 4.7203 | 4.4366 | 0.0841 | 0.05 | 0.2042 |
| 0.1168 | 4.7203 | 4.7392 | 4.6205 | 0.1168 | 0.05 | 0.1881 |
| 0.1555 | 4.7203 | 4.8619 | 4.7203 | 0.1555 | 0.05 | 0.178 |
| 0.2066 | 4.7203 | 5.0146 | 4.7203 | 0.2066 | 0.05 | 0.178 |
| 0.3126 | 4.7203 | 5.3383 | 4.9858 | 0.3126 | 0.05 | 0.178 |
Figure 5: Experience Rating and Job Flows
| MTC | Job Reallocation Rate |
|---|---|
| 0.77 | 5.628 |
| 0.4911 | 8.2295 |
| 0.3638 | 10.0674 |
| 0.2885 | 11.7885 |
| 0.2394 | 13.1754 |
| 0.2045 | 14.3713 |
| 0.1787 | 15.4517 |
| 0.1586 | 16.261 |
Figure 7: Distribution of Taxes in Model
| Stock of Layoffs | Tax Rate (percent) | Distribution of Tax Rates |
|---|---|---|
| 0 | 0.417 | 0.000486714378045634 |
| 0.154614285714286 | 0.417 | 0.0132077633959757 |
| 0.309228571428571 | 0.417 | 0.067685243852241 |
| 0.463842857142857 | 0.417 | 0.124687852410412 |
| 0.618457142857143 | 0.949688942179131 | 0.134248986557731 |
| 0.773071428571429 | 1.69872004796122 | 0.119812721382688 |
| 0.927685714285714 | 2.4477511537433 | 0.101867606859325 |
| 1.0823 | 3.19678225952539 | 0.0819508623596735 |
| 1.23691428571429 | 3.94581336530748 | 0.0703600399864242 |
| 1.39152857142857 | 4.69484447108957 | 0.0618539265633661 |
| 1.54614285714286 | 5.44387557687165 | 0.0520279774511411 |
| 1.70075714285714 | 6.19290668265374 | 0.0472159023285394 |
| 1.85537142857143 | 6.94193778843583 | 0.0395951447333173 |
| 2.00998571428571 | 7.69096889421791 | 0.03317561717547 |
| 2.1646 | 8.44 | 0.0238949470256712 |
| 2.31921428571429 | 8.44 | 0.0193161845500995 |
| 2.7919810776027 | 8.44 | 0.0065891483116793 |
| 3.26474786949111 | 8.44 | 0.00175928964009731 |
| 3.73751466137953 | 8.44 | 0.000201778357833701 |
Figure 9: Impulse Response to a Negative 1% Aggregate Shock % Deviation from Steady State
| Quarters | Impulse Response of Unemployment (Top Left Panel) :MTC=.51 | Impulse Response of Unemployment (Top Left Panel): MTC=.567 | Impulse Reponse of Finding Rate (Top right panel):MTC=.51 | Impulse Response of Finding Rate (Top right panel): MTC=.567 | Impulse Response of Separation Rate (Bottom left panel) :MTC=.51 | Impulse Response of Separation Rate (Bottom left panel): MTC=.567 | Impulse Response of Productivity (Bottom right panel): MTC=.51 | Impulse Response of Productivity (Bottom right panel):MTC=.567 |
|---|---|---|---|---|---|---|---|---|
| 1 | 8.6541 | 8.0658 | -5.9618 | -5.7639 | 10.3831 | 9.6341 | -0.9832 | -0.9832 |
| 2 | 10.876 | 10.2574 | -6.289 | -6.0829 | 5.4885 | 5.1594 | -0.9341 | -0.9341 |
| 3 | 10.5636 | 10.0382 | -5.9606 | -5.7935 | 4.4881 | 4.2331 | -0.8875 | -0.8875 |
| 4 | 9.9854 | 9.5645 | -5.6733 | -5.5536 | 4.2825 | 4.0384 | -0.8432 | -0.8432 |
| 5 | 9.4555 | 9.0887 | -5.2947 | -5.2007 | 4.0479 | 3.7924 | -0.8011 | -0.8011 |
| 6 | 8.4856 | 8.1182 | -4.8392 | -4.7564 | 3.478 | 3.192 | -0.7611 | -0.7611 |
| 7 | 8.3026 | 7.9897 | -4.5931 | -4.5394 | 3.8523 | 3.6206 | -0.723 | -0.723 |
| 8 | 7.8495 | 7.5912 | -4.1987 | -4.1567 | 3.8534 | 3.6855 | -0.6869 | -0.6869 |
| 9 | 7.7745 | 7.5534 | -4.0125 | -4.0043 | 4.1145 | 3.9173 | -0.6526 | -0.6526 |
| 10 | 6.7795 | 6.5714 | -3.6139 | -3.6072 | 2.7516 | 2.5422 | -0.62 | -0.62 |
| 11 | 6.0125 | 5.842 | -3.1907 | -3.1953 | 2.7579 | 2.6099 | -0.589 | -0.589 |
| 12 | 5.8577 | 5.702 | -3.1506 | -3.1789 | 3.1862 | 3.0068 | -0.5595 | -0.5595 |
| 13 | 6.0389 | 5.9097 | -3.0823 | -3.1251 | 3.4807 | 3.3321 | -0.5316 | -0.5316 |
| 14 | 5.8887 | 5.8061 | -2.9595 | -3.0207 | 3.1114 | 2.9936 | -0.505 | -0.505 |
| 15 | 5.3497 | 5.2759 | -2.6085 | -2.665 | 2.7613 | 2.6385 | -0.4797 | -0.4797 |
Figure 10: Nonlinear Response of Unemployment % Deviation from Steady State
| Quarters | -1% Shock | -2% Shock (Divided by 2) | -3% Shock (Divided by 3) |
|---|---|---|---|
| 1 | 8.0658 | 8.4915 | 8.8113 |
| 2 | 10.2574 | 10.9563 | 11.6846 |
| 3 | 10.0382 | 10.9189 | 11.9072 |
| 4 | 9.5645 | 10.4457 | 11.4348 |
| 5 | 9.0887 | 9.9241 | 10.8147 |
| 6 | 8.1182 | 9.1172 | 9.9414 |
| 7 | 7.9897 | 8.7645 | 9.4053 |
| 8 | 7.5912 | 8.3043 | 8.841 |
| 9 | 7.5534 | 8.0487 | 8.4509 |
| 10 | 6.5714 | 7.3023 | 7.7398 |
| 11 | 5.842 | 6.6586 | 7.0883 |
| 12 | 5.702 | 6.3689 | 6.7204 |
| 13 | 5.9097 | 6.2905 | 6.5229 |
| 14 | 5.8061 | 6.072 | 6.2549 |
| 15 | 5.2759 | 5.6263 | 5.8133 |
Figure 11: Impulse Response to a Positive 1% Aggregate Shock % Deviation from Steady State
| Quarters | Impulse Response of Unemployment (Top Left Panel): MTC=.51 | Impulse Response of Unemployment (Top Left Panel): MTC=.567 | Impulse Reponse of Finding Rate (Top right panel): MTC=.51 | Impulse Response of Finding Rate (Top right panel): MTC=.567 | Impulse Response of Separation Rate (Bottom left panel): MTC=.51 | Impulse Response of Separation Rate (Bottom left panel): MTC=.567 | Impulse Response of Productivity (Bottom right panel): MTC=.51 | Impulse Response of Productivity (Bottom right panel): MTC=.567 |
|---|---|---|---|---|---|---|---|---|
| 1 | -5.8584 | -5.2907 | 6.8079 | 6.1344 | -4.9326 | -4.5107 | 0.983 | 0.983 |
| 2 | -7.7 | -6.8154 | 7.4068 | 6.3563 | -1.7758 | -1.5914 | 0.9335 | 0.9335 |
| 3 | -7.8391 | -6.8262 | 7.3053 | 6.1455 | -1.6003 | -1.4407 | 0.8865 | 0.8865 |
| 4 | -7.505 | -6.4944 | 6.7812 | 5.6583 | -1.3908 | -1.3314 | 0.8419 | 0.8419 |
| 5 | -7.0739 | -6.098 | 6.3249 | 5.258 | -1.3825 | -1.3141 | 0.7995 | 0.7995 |
| 6 | -7.1452 | -6.2337 | 6.16 | 5.0968 | -1.7961 | -1.8052 | 0.7592 | 0.7592 |
| 7 | -6.4791 | -5.6706 | 5.5938 | 4.7372 | -1.2473 | -1.2192 | 0.721 | 0.721 |
| 8 | -6.1273 | -5.3775 | 5.3004 | 4.5172 | -1.1426 | -1.0882 | 0.6848 | 0.6848 |
| 9 | -5.3506 | -4.7623 | 4.7625 | 4.1865 | -0.5991 | -0.6031 | 0.6503 | 0.6503 |
| 10 | -5.597 | -5.0965 | 4.6635 | 4.137 | -1.7913 | -1.7738 | 0.6176 | 0.6176 |
| 11 | -5.6509 | -5.1706 | 4.6215 | 4.0924 | -1.6041 | -1.5629 | 0.5866 | 0.5866 |
| 12 | -5.1869 | -4.7615 | 4.1135 | 3.6956 | -1.0359 | -1.0229 | 0.5571 | 0.5571 |
| 13 | -4.3791 | -4.0535 | 3.6508 | 3.3312 | -0.5647 | -0.5678 | 0.5291 | 0.5291 |
| 14 | -3.9527 | -3.6939 | 3.3175 | 3.1109 | -0.7526 | -0.6912 | 0.5025 | 0.5025 |
| 15 | -3.9196 | -3.7118 | 3.236 | 3.0866 | -0.9785 | -0.9226 | 0.4772 | 0.4772 |
Figure 12: Nonlinear Response of Unemployment % Deviation from Steady State
| Quarters | +1% Shock | +2% Shock (Divided by 2) | +3% Shock (Divided by 3) |
|---|---|---|---|
| 1 | -5.2907 | -5.583 | -5.5919 |
| 2 | -6.8154 | -7.5482 | -7.4897 |
| 3 | -6.8262 | -7.6824 | -7.5621 |
| 4 | -6.4944 | -7.4005 | -7.2727 |
| 5 | -6.098 | -7.0418 | -6.9467 |
| 6 | -6.2337 | -6.9427 | -6.7857 |
| 7 | -5.6706 | -6.4856 | -6.4171 |
| 8 | -5.3775 | -6.1663 | -6.1371 |
| 9 | -4.7623 | -5.6511 | -5.7357 |
| 10 | -5.0965 | -5.634 | -5.6565 |
| 11 | -5.1706 | -5.5292 | -5.508 |
| 12 | -4.7615 | -5.1676 | -5.2065 |
| 13 | -4.0535 | -4.6014 | -4.7783 |
| 14 | -3.6939 | -4.2039 | -4.4674 |
| 15 | -3.7118 | -4.0439 | -4.3086 |
Fiure 13: Tax Distributions
| Stock of Layoffs | Low tau-lower bar delta proportional to f | Low tau-lower bar delta fixed at delta bar |
|---|---|---|
| 0 | 0.000750972774686091 | 0.000479344324267718 |
| 0.1546 | 0.0194294232769848 | 0.0134855536560651 |
| 0.3092 | 0.0866814319717456 | 0.0695209051629613 |
| 0.4638 | 0.142732761622784 | 0.127409721390359 |
| 0.6184 | 0.14150244452383 | 0.137236280037848 |
| 0.7731 | 0.121577698778435 | 0.121034441877599 |
| 0.9277 | 0.0979620017361792 | 0.10087002397007 |
| 1.0823 | 0.0810091908012443 | 0.0824632019181897 |
| 1.2369 | 0.06993633691066 | 0.0714542606041744 |
| 1.3915 | 0.0569301275788626 | 0.0620111774161004 |
| 1.5461 | 0.0511620175435077 | 0.0520887499037586 |
| 1.7007 | 0.0429492514543875 | 0.046336618012546 |
| 1.8553 | 0.0352477859778195 | 0.0389547154188232 |
| 2.01 | 0.0259325279428835 | 0.0315568346809581 |
| 2.1646 | 0.0199247457453948 | 0.0227528772585743 |
| 2.3192 | 0.0143803297280315 | 0.0181032373131775 |
| 2.7919 | 0.00447388035983203 | 0.00586397890020841 |
| 3.2647 | 0.000607169477405776 | 0.00154987998179895 |
| 3.7375 | 0 | 6.3912576569029e-05 |
| 4.2103 | 0 | 0 |
| 4.683 | 0 | 0 |
Figure 14: Impusle Response to a Negative 1% Aggregate Shock endogenous delta
| Quarters | Impulse Response of Unemployment (Top Left Panel): MTC=.51 Delta proportional to f | Impulse Response of Unemployment (Top Left Panel): MTC=.567 Delta proportional to f | Impulse Response of Unemployment (Top Left Panel): MTC=.567 Delta fixed at Delta-bar | Impulse Reponse of Finding Rate (Top right panel):LMTC=.51 Delta proportional to | Impulse Response of Finding Rate (Top right panel):MTC=.567 Delta proportional to f | Impulse Response of Finding Rate (Top right panel):MTC=.567 Delta fixed at Delta-bar | Impulse Response of Separation Rate (Middle left panel):MTC=.51 Delta proportional to f | Impulse Response of Separation Rate (Middle left panel):MTC=.567 Delta proportional to f | Impulse Response of Separation Rate (Middle left panel):MTC=.567 Delta fixed at Delta-bar | Impulse Response of Layoff Stock (Middle right panel):MTC=.51 Delta proportional to f | Impulse Response of Layoff Stock (Middle right panel) :MTC=.567 Delta proportional to f | Impulse Response of Layoff Stock (Middle right panel):MTC=.567 Delta fixed at Delta-bar | Impulse Response of Delta (Bottom left panel):MTC=.51 Delta proportional to f | Impulse Response of Delta (Bottom left panel):MTC=.567 Delta proportional to f | Impulse Response of Delta (Bottom left panel):MTC=.567 Delta fixed at Delta-bar | Impulse Response of Productivity (Bottom right panel):MTC=.51 Delta proportional to f | Impulse Response of Productivity (Bottom right panel):MTC=.567 Delta proportional to f | Impulse Response of Productivity (Bottom right panel):MTC=.567 Delta fixed at Delta-bar |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 8.5871 | 7.4419 | 8.0658 | -6.0841 | -5.5119 | -5.7639 | 10.0599 | 8.1731 | 9.6341 | 0.6325 | 0.5735 | 0.5239 | -1.5571 | -1.4074 | 0 | -0.9832 | -0.9832 | -0.9832 |
| 2 | 10.8828 | 9.3291 | 10.2574 | -6.4278 | -5.9002 | -6.0829 | 5.4011 | 4.0807 | 5.1594 | 1.0946 | 0.9724 | 0.8437 | -1.6472 | -1.5089 | 0 | -0.9341 | -0.9341 | -0.9341 |
| 3 | 10.6817 | 9.3983 | 10.0382 | -6.1747 | -5.6172 | -5.7935 | 4.4449 | 3.6678 | 4.2331 | 1.4209 | 1.2774 | 1.0435 | -1.5808 | -1.4349 | 0 | -0.8875 | -0.8875 | -0.8875 |
| 4 | 10.2296 | 8.6389 | 9.5645 | -5.969 | -5.1955 | -5.5536 | 4.2918 | 2.8486 | 4.0384 | 1.6912 | 1.5003 | 1.2029 | -1.5269 | -1.325 | 0 | -0.8432 | -0.8432 | -0.8432 |
| 5 | 9.8022 | 7.8322 | 9.0887 | -5.6492 | -4.5734 | -5.2007 | 4.0811 | 2.8561 | 3.7924 | 1.9292 | 1.6794 | 1.3417 | -1.4433 | -1.1635 | 0 | -0.8011 | -0.8011 | -0.8011 |
| 6 | 8.9181 | 7.2062 | 8.1182 | -5.2497 | -4.2634 | -4.7564 | 3.5294 | 2.7102 | 3.192 | 2.0944 | 1.832 | 1.419 | -1.3391 | -1.0833 | 0 | -0.7611 | -0.7611 | -0.7611 |
| 7 | 8.8003 | 6.8398 | 7.9897 | -5.0385 | -3.9883 | -4.5394 | 3.9164 | 2.7359 | 3.6206 | 2.281 | 1.9746 | 1.5323 | -1.2842 | -1.0123 | 0 | -0.723 | -0.723 | -0.723 |
| 8 | 8.4042 | 6.9759 | 7.5912 | -4.6731 | -3.8566 | -4.1567 | 3.9512 | 3.2213 | 3.6855 | 2.4317 | 2.1415 | 1.6226 | -1.1894 | -0.9784 | 0 | -0.6869 | -0.6869 | -0.6869 |
| 9 | 8.3951 | 6.5268 | 7.5534 | -4.5275 | -3.7118 | -4.0043 | 4.248 | 2.7374 | 3.9173 | 2.6009 | 2.2534 | 1.7393 | -1.1516 | -0.9411 | 0 | -0.6526 | -0.6526 | -0.6526 |
| 10 | 7.45 | 6.0865 | 6.5714 | -4.1632 | -3.3714 | -3.6072 | 2.8907 | 2.468 | 2.5422 | 2.6753 | 2.3408 | 1.7672 | -1.0575 | -0.8537 | 0 | -0.62 | -0.62 | -0.62 |
| 11 | 6.7099 | 5.7488 | 5.842 | -3.7542 | -3.1807 | -3.1953 | 2.9023 | 2.3913 | 2.6099 | 2.722 | 2.418 | 1.7838 | -0.9521 | -0.8048 | 0 | -0.589 | -0.589 | -0.589 |
| 12 | 6.5918 | 5.6661 | 5.702 | -3.7447 | -3.2698 | -3.1789 | 3.3457 | 2.6374 | 3.0068 | 2.7792 | 2.4842 | 1.814 | -0.9496 | -0.8277 | 0 | -0.5595 | -0.5595 | -0.5595 |
| 13 | 6.8055 | 6.1082 | 5.9097 | -3.6905 | -3.2475 | -3.1251 | 3.649 | 3.1602 | 3.3321 | 2.8632 | 2.5992 | 1.8737 | -0.9357 | -0.822 | 0 | -0.5316 | -0.5316 | -0.5316 |
| 14 | 6.6873 | 5.5711 | 5.8061 | -3.5841 | -3.0226 | -3.0207 | 3.2947 | 2.15 | 2.9936 | 2.9291 | 2.645 | 1.9198 | -0.9083 | -0.7644 | 0 | -0.505 | -0.505 | -0.505 |
| 15 | 6.1595 | 5.0911 | 5.2759 | -3.2356 | -2.9013 | -2.665 | 2.9547 | 2.1279 | 2.6385 | 2.9545 | 2.6586 | 1.9318 | -0.8189 | -0.7333 | 0 | -0.4797 | -0.4797 | -0.4797 |
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