LABOR-MARKET FRICTIONS, HUMAN CAPITAL ACCUMULATION, AND LONG-RUN GROWTH: POSITIVE ANALYSIS AND POLICY EVALUATION

• 成果类型: Article
• 署名作者: Chen, Been-Lon; Chen, Hung-Ju; Wang, Ping
• 署名单位: Washington University (WUSTL); National Taiwan University; Academia Sinica - Taiwan
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2010.00622.x
• 发表日期: 2011
• 页码: 131-160
• 关键词: search; unemployment; EFFICIENCY; models; equilibrium; cycles

摘要

We construct a search model with endogenous human capital and labor participation to study the growth effects of short-run frictions and the effectiveness of human capital policies. Employment, learning effort, and output growth increase with more effective learning, better labor-market matching, lower job separation, or less costly vacancy creation. Although output growth, employment, vacancy creation, and learning and search effort are most responsive to changes in a human capital policy that directly affects learning effort, such a policy need not be more beneficial for welfare. The effects of human capital policies become larger as the severity of labor-market frictions rises.