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@techreport{NBERw22447,
 title = "The General Equilibrium Impacts of Unemployment Insurance: Evidence from a Large Online Job Board",
 author = "Marinescu, Ioana",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "22447",
 year = "2016",
 month = "July",
 doi = {10.3386/w22447},
 URL = "http://www.nber.org/papers/w22447",
 abstract = {During the Great Recession, U.S. unemployment benefits were extended by up to 73 weeks. Theory predicts that extensions increase unemployment by discouraging job search, a partial equilibrium effect. Using data from the large job board CareerBuilder.com, I find that a 10% increase in benefit duration decreased state-level job applications by 1%, but had no robust effect on job vacancies. Job seekers thus faced reduced competition for jobs, a general equilibrium effect. Calibration implies that the general equilibrium effect reduces the impact of unemployment insurance on unemployment by 40%: increasing benefit duration by 10% increases unemployment by only 0.6% in equilibrium.},
}