Learning-by-doing as a propagation mechanism

• 成果类型: Article
• 署名作者: Chang, YS; Gomes, JF; Schorfheide, F
• 署名单位: University of Pennsylvania; University of Pennsylvania; Center for Economic & Policy Research (CEPR); University of Pennsylvania
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/000282802762024601
• 发表日期: 2002
• 页码: 1498-1520
• 关键词: business; wages

摘要

This paper suggests that skill accumulation through past work experience, or learning-by-doing (LBD), can provide an important propagation mechanism in a dynamic stochastic general-equilibrium model, as the current labor supply affects future productivity. Our econometric analysis uses a Bayesian approach to combine micro-level panel data with aggregate time series. Formal model evaluation shows that the introduction of the LBD mechanism improves the model's ability to fit the dynamics of aggregate output and hours.