From the Abstract: "We use micro data on earnings together with the details of each state's UI [unemployment insurance] system under the CARES Act [Coronavirus Aid, Relief, and Economic Security Act] to compute the entire distribution of current UI benefits. The median replacement rate is 134%. Two-thirds of UI eligible workers can receive benefits which exceed lost earnings and one-fifth can receive benefits at least double lost earnings. There is sizable variation in the effects of the CARES Act across occupations and states, with important distributional consequences. We show how alternative UI expansion policies would change the distribution of UI benefits and thus affect resulting liquidity provision, progressivity, and labor supply incentives."
Working Paper No. 2020-62
Becker Friedman Institute for Research in Economics
Becker Friedman Institute for Research in Economics: https://bfi.uchicago.edu/