Learning-by-doing as a propagation mechanism

Yongsung Chang; Joao F. Gomes; Frank Schorfheide

doi:10.1257/000282802762024601

Learning-by-doing as a propagation mechanism

Yongsung Chang, Joao F. Gomes, Frank Schorfheide

Department of Economics

Research output: Contribution to journal › Article › peer-review

81 Citations (Scopus)

Abstract

This paper suggests that skill accumulation through past work experience, or "learning-by-doing" (LBD), can provide an important propagation mechanism in a dynamic stochastic general-equilibrium model, as the current labor supply affects future productivity. Our econometric analysis uses a Bayesian approach to combine micro-level panel data with aggregate time series. Formal model evaluation shows that the introduction of the LBD mechanism improves the model's ability to fit the dynamics of aggregate output and hours.

Original language	English
Pages (from-to)	1498-1520
Number of pages	23
Journal	American Economic Review
Volume	92
Issue number	5
DOIs	https://doi.org/10.1257/000282802762024601
Publication status	Published - 2002 Dec

All Science Journal Classification (ASJC) codes

Economics and Econometrics

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