NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Moral Hazard vs. Liquidity and Optimal Unemployment Insurance

Raj Chetty

NBER Working Paper No. 13967
Issued in April 2008

---- Acknowledgements -----

I have benefited from discussions with Joseph Altonji, Alan Auerbach, Olivier Blanchard, Richard Blundell, David Card, Liran Einav, Martin Feldstein, Amy Finkelstein, Jon Gruber, Jerry Hausman, Caroline Hoxby, Juan Jimeno, Kenneth Judd, Lawrence Katz, Patrick Kline, Bruce Meyer, Ariel Pakes, Luigi Pistaferri, Emmanuel Saez, Jesse Shapiro, Robert Shimer, Adam Szeidl, Ivan Werning, anonymous referees, and numerous seminar participants. Philippe Bouzaglou, Greg Bruich, David Lee, Ity Shurtz, Jim Sly, and Philippe Wingender provided excellent research assistance. I am very grateful to Julie Cullen and Jon Gruber for sharing their unemployment benefit calculator, and to Suzanne Simonetta and Loryn Lancaster at the Dept. of Labor for assistance with state UI laws. Funding from the National Science Foundation and NBER is gratefully acknowledged. The data and code used for the empirical analysis and numerical simulations are available on the author's website. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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