NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Limited Macroeconomic Effects of Unemployment Benefit Extensions

Gabriel Chodorow-Reich, Loukas Karabarbounis

NBER Working Paper No. 22163
Issued in April 2016

---- Acknowledgments ----

We are grateful to Ellen McGrattan, Emi Nakamura, and participants in seminars and conferences for helpful comments. We thank Claudia Macaluso and Johnny Tang for excellent research assistance, Thomas Stengle of the Department of Labor for help in understanding the unemployment insurance laws, and Bradley Jensen of the Bureau of Labor Statistics for help in understanding the process for constructing state unemployment rates. Karabarbounis thanks the Becker Friedman Institute at the University of Chicago and the Business and Public Policy Faculty Research Fund at Chicago Booth for financial support. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.

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