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Employment, Skills and Human Capital

Author

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  • Robert Taylor

Abstract

This paper analyses the importance of human capital in determining the employment and wage across NUTS2 regions of EU Member States. We develop a novel general equilibrium model where skill accumulation through education is costly. Nominal rigidities prevent instantaneous adjustment of wages and prices. Employment is modelled via an estimated wage, where both hiring and firing of workers is a costly process. Our results suggest that regional labour markets are fundamentally different from national labour markets, and region-specific shocks trigger different adjustment mechanisms which are different from national shocks.

Suggested Citation

  • Robert Taylor, 2015. "Employment, Skills and Human Capital," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 58(3), pages 99-116.
    • Handle: RePEc:eei:journl:v:58:y:2015:i:3:p:99-116
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    Cited by:

    1. Pavel Ciaian & d'Artis Kancs, 2015. "Assessing the Social and Macroeconomic Impacts of Labour Market Integration: A Holistic Approach," JRC Research Reports JRC99645, Joint Research Centre.

    More about this item

    Keywords

    General equilibrium model; human capital; skills; employment; education; wage.;
    All these keywords.

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

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