English, Article, Journal or magazine article edition: The Rate of Learning-by-Doing: Estimates from a Search-Matching Model Julien Prat

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Bookmark: http://trove.nla.gov.au/version/30346
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Rate of Learning-by-Doing: Estimates from a Search-Matching Model
Author
  • Julien Prat
Physical Description
  • preprint
Notes
  • We construct and estimate by maximum likelihood an equilibrium search model where wages are set by Nash bargaining and idiosyncratic productivity follows a geometric Brownian motion. The proposed framework enables us to endogenize job destruction and to estimate the rate of learning-by-doing. Although the range of the observations is not independent of the parameters, we establish that the estimators satisfy asymptotic normality. The structural model is estimated using Current Population Survey data on accepted wages and employment durations. We show that it captures almost perfectly the evolution through tenure of the crosssectional distribution of wages. We find that the returns to tenure are slightly higher for workers without tertiary education than for tertiary educated workers
  • RePEc:red:sed006:647
  • We construct and estimate by maximum likelihood an equilibrium search model where wages are set by Nash bargaining and idiosyncratic productivity follows a geometric Brownian motion. The proposed framework enables us to endogenize job destruction and to estimate the rate of learning-by-doing. Although the range of the observations is not independent of the parameters, we establish that the estimators satisfy asymptotic normality. The structural model is estimated using Current Population Survey data on accepted wages and employment durations. We show that it captures almost perfectly the joint distribution of wages and job spells. We find that the rate of learning-by-doing has an important positive effect on aggregate output and a small impact on employment.
  • job search, human capital, uncertainty, structural estimation
  • RePEc:iza:izadps:dp2780
Language
  • English
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