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Formal Training, On-the-Job Training and the Allocation of Time

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Author Info
Einarsson, T.
Marquis, M.H.

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Abstract

A macroeconomic model is developed that incorporates a technology for on-the-job training into the endogenous growth model of Lucas (1988) and Uzawa (1965) in a manner that is consistent with the human capital explanations of certain robust features of wage profiles from the US economy. The model predicts procyclical investment in human capital through on-the-job training and countercyclical investment in human capital through formal training.

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Publisher Info
Paper provided by Department of Economics, Florida State University in its series Working Papers with number 1996_06_01.

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Length: 18 pages
Date of creation: 1996
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Handle: RePEc:fsu:wpaper:1996_06_01

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Related research
Keywords: TRAINING HUMAN CAPITAL LABOUR MARKET

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

Cited by:
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  1. Larry E. Jones & Rodolfo E. Manuelli & Henry E. Siu, 2005. "Fluctuations in Convex Models of Endogenous Growth II: Business Cycle Properties," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 8(4), pages 805-828, October. [Downloadable!] (restricted)
  2. Larry E. Jones & Rodolfo E. Manuelli & Henry E. Siu, 2000. "Growth and business cycles," Staff Report 271, Federal Reserve Bank of Minneapolis. [Downloadable!]
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