Éducation, croissance et exclusion des chômeurs âgés dans un modèle dappariement

This paper analyses the relationships between education, growth and employment in a search model where education, employment and growth are endogenous. A vintage human capital model is developped, in which individuals lose skills in relative terms as new better skilled generations enter the economy. This phenomenon is due to the presence of an externality in the education process. On the supply side, firms incur a growth-indexed cost to create a new job. As a consequence, keeping a job vacant has an option value that grows at a constant rate in equilibrium, thereby implying that old unemployed are rejected from the search activity. Education increases growth, lowers the unemployment rate, but shortens the critical age below which unemployed individuals become unemployable. We also exhibit multiple equilibria, that cannot be Pareto-ranked.