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BANK OF FINLAND DISCUSSION PAPERS 24 2003 Marja-Liisa Halko Research Department 21.10.2003 Buffer funding of unemployment insurance in a dynamic labour union model Suomen Pankin keskustelualoitteita Finlands Banks diskussionsunderlag Suomen Pankki Bank of Finland P.O.Box 160 FIN-00101 HELSINKI Finland + 358 9 1831 http://www.bof.fi BANK OF FINLAND DISCUSSION PAPERS 24 2003 Marja-Liisa Halko* Research Department 21.10.2003 Buffer funding of unemployment insurance in a dynamic labour union model The views expressed are those of the author and do not necessarily reflect the views of the Bank of Finland. * University of Helsinki, Department of Economics / RUESG, P.O. Box 10, FIN-00014 Helsinki, tel. +358-9 Fax +358-9 E-mail: marja-liisa.halko@helsinki.fi. I would like to thank Erkki Koskela and Juha Tarkka, Jouko Vilmunen and the other participants of the Bank of Finland Research Department’s workshops for useful discussion and comments. I would also like to thank Research Department for hospitality. Suomen Pankin keskustelualoitteita Finlands Banks diskussionsunderlag http://www.bof.fi ISBN 952-462-084-7 ISSN 0785-3572 (print) ISBN 952-462-085-5 ISSN 1456-6184 (online) Suomen Pankin monistuskeskus Helsinki 2003 Buffer funding of