New research on Pandemic Unemployment Assistance by JPMC Institute w @FionaGreigDC @Dan_M_Sullivan @pascaljnoel @JoeVavra
PUA is for people not eligible for regular UI
PUA meaningfully insures inc risk, but w/much longer wait for benefits!
jpmorganchase.com/content/dam/jp…
PUA is for people not eligible for regular UI
PUA meaningfully insures inc risk, but w/much longer wait for benefits!
jpmorganchase.com/content/dam/jp…
The plot above shows that for people who got regular UI in 2019, non-UI income falls at exactly the same time that UI kicks in (green line).
Regular UI in 2020 (orange line) income starts to fall four weeks before UI kicks in
PUA (blue) income starts to fall ten weeks before
Regular UI in 2020 (orange line) income starts to fall four weeks before UI kicks in
PUA (blue) income starts to fall ten weeks before
There is also a smaller decline in income after UI receipt for the blue line. Two likely interpretations:
--PUA recipients account for smaller share of HH income
--some PUA recipients have already gone back to work by the time they finally get their benefits
--PUA recipients account for smaller share of HH income
--some PUA recipients have already gone back to work by the time they finally get their benefits
I interpret this as saying that there was a lot of income loss during the pandemic that was *not* insured by regular UI. Without PUA, the safety net would have had a giant hole in it.
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