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Unemployment benefits in the US were extended by up to 73 weeks during theGreat Recession. Equilibrium labor market theory indicates that extensions ofbenefit duration impact not only search decisions by job seekers but also jobvacancy creations by employers. Most of the literature focused on the former toshow partial equilibrium effect that increment of unemployment benefitsdiscourage job search and lead to a rise in unemployment. To study the totaleffect of UI benefit extensions on unemployment, I follow border countyidentification strategy, take advantage of quasi-differenced specification tocontrol for changes in future benefit policies, apply interactive fixed effectsmodel to deal with unobserved shocks so as to obtain unbiased and consistentestimation. I find that benefit extensions have a statistically significantpositive effect on unemployment, which is consistent with the results ofprevailing literature.

To What Extent do Labor Market Outcomes respond to UI Extensions?