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September 8, 2025

Supervisory framework: Supervision

Know your requirements as an applicant or as a registered payment service provider and find out how we will assess compliance.

Perceived Unemployment Risks over Business Cycles

Staff working paper 2025-23 William Du, Adrian Monninger, Xincheng Qiu, Tao Wang
Aggregate consumption impacts of heightened job risks during recessions can arise either from ex-ante responses to the fear of unemployment or from ex-post consumption declines due to realized income losses. We use survey-based perceptions of job risk and actual labor market transitions to quantify the relative contributions of these two channels. We further show that belief stickiness limits the extent of ex-ante insurance against job risks.
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