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

  • Einarsson, Tor
  • Marquis, Milton H.

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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Article provided by Elsevier in its journal Journal of Macroeconomics.

Volume (Year): 21 (1999)
Issue (Month): 3 (July)
Pages: 423-442

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Handle: RePEc:eee:jmacro:v:21:y:1999:i:3:p:423-442
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622617

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