The SMU College of Graduate Research Studies (CGRS) organised the last Brown-bag Seminar of the year on 21 October 2022. The Seminar was open to all SMU postgraduate research students. The student speaker, WANG Lanjie, a 3rd Year PhD in Economics candidate presented on the “Consumption Dynamics under Unemployment Shock: Evidence from Singapore''. Associate Professor of Economics, KIM Seonghoon, chaired the session.
Participants gained insights from Lanjie and Associate Professor KIM about the economic impact of unemployment on older individuals in Singapore. In her study, Lanjie shared about the linkages between the effect of unemployment shock and its impacts on an individual's consumption levels, as well as future policy implications to cushion the unemployment.
Lanjie's study finds that consumption levels remain lower two years after the unemployment shock. She notes that the impact of unemployment has a greater long-term impact of consumption on people who are under the statutory retirement age in Singapore (i.e, 62 years). Furthermore, the consumption levels of those with lower education levels also tend to recover slowly.
This study brings forth new insights on how the provision of unemployment insurance and other benefits might be recommended for the unemployed. Crucial employment training can also be provided for those of lower education so they can find better jobs.
Keep a lookout for more details of the future Brown-bag Seminar Series in the new academic term in 2023!
