Unemployment Insurance in Macroeconomic Stabilization with Imperfect Expectations -- by Bence Bardóczy, Joao Guerreiro

For helpful comments, we thank Hassan Afrouzi, George-Marios Angeletos, Adrien Auclert, Borağan Aruoba, Marty Eichenbaum, Chen Lian, Kurt Mitman, Camilo Morales-Jiménez, Matthew Rognlie, Luminita Stevens, and Christian Wolf, as well as seminar participants at Barcelona Summer Forum 2023, North American Summer Meeting 2023, Oslo Macro Conference 2023, SITE 2023: Frontiers of Macroeconomic Research, Católica Lisbon, Dartmouth, Federal Reserve Board, Johns Hopkins, Maryland, Toronto. We are grateful to Riccardo Bianchi-Vimercati who contributed to an early version of this project. Harrison Snell provided excellent research assistance. Bence Bardóczy was employed by the Federal Reserve Board during much of this research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research or the Board of Governors of the Federal Reserve System.