TY - JOUR
T1 - Learning-by-doing as a propagation mechanism
AU - Chang, Yongsung
AU - Gomes, Joao F.
AU - Schorfheide, Frank
N1 - Copyright:
Copyright 2005 Elsevier B.V., All rights reserved.
PY - 2002/12
Y1 - 2002/12
N2 - 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.
AB - 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.
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U2 - 10.1257/000282802762024601
DO - 10.1257/000282802762024601
M3 - Article
AN - SCOPUS:0040081819
VL - 92
SP - 1498
EP - 1520
JO - American Economic Review
JF - American Economic Review
SN - 0002-8282
IS - 5
ER -