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Search Frictions, Credit Constraints andFirm Financed General Training

  • Christian Holzner

    ()

This paper shows that in a search model where future employers of trained workers donot benefit from the training in other firms, investment into general training will only be below the competitive level if workers are credit constrained. If workers are credit constrained, then the training firm cannot recover the cost of training since trained workers will search for a better paid job. This does, however, not imply that trainees will benefit from training. Only if the trainee wage is bounded by the workers' credit constraints do trainees gain from training.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-Ifo_Working_Papers/wp-ifo-2005-2010/IfoWorkingPaper-6.pdf
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Paper provided by Ifo Institute for Economic Research at the University of Munich in its series Ifo Working Paper Series with number Ifo Working Paper No. 6.

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Date of creation: 2005
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Handle: RePEc:ces:ifowps:_6
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  1. Acemoglu, Daron & Pischke, Jörn-Steffen, 1998. "The Structure of Wages and Investment in General Training," CEPR Discussion Papers 1833, C.E.P.R. Discussion Papers.
  2. Chang, Chun & Wang, Yijiang, 1996. "Human Capital Investment under Asymmetric Information: The Pigovian Conjecture Revisited," Journal of Labor Economics, University of Chicago Press, vol. 14(3), pages 505-19, July.
  3. Margaret Stevens, 1999. "Should Firms be Required to Pay for Vocational Training?," Economics Series Working Papers 1999-W04, University of Oxford, Department of Economics.
  4. Acemoglu, Daron, 1997. "Training and Innovation in an Imperfect Labour Market," Review of Economic Studies, Wiley Blackwell, vol. 64(3), pages 445-64, July.
  5. Stevens, Margaret, 1994. "An Investment Model for the Supply of Training by Employers," Economic Journal, Royal Economic Society, vol. 104(424), pages 556-70, May.
  6. repec:cup:cbooks:9780521576475 is not listed on IDEAS
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