Business cycle fluctuations and the life cycle: How important is on-the-job skill accumulation?

A-Tier
Journal: Journal of Economic Theory
Year: 2009
Volume: 144
Issue: 6
Pages: 2293-2309

Score contribution per author:

2.011 = (α=2.01 / 2 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We study the effects of on-the-job skill accumulation on average hours worked by age and the volatility of hours over the life cycle in a calibrated general equilibrium model. Two forms of skill accumulation are considered: learning by doing and on-the-job training. In our economy with learning by doing, individuals supply more labor early in the life cycle and less as they approach retirement than they do in an economy without this feature. The impact of this feature on the volatility of hours over the life cycle depends on the value of the intertemporal elasticity of labor supply. When individuals accumulate skills by on-the-job training, there are only weak effects on both the steady-state labor supply and its volatility over the life cycle.

Technical Details

RePEc Handle
repec:eee:jetheo:v:144:y:2009:i:6:p:2293-2309
Journal Field
Theory
Author Count
2
Added to Database
2026-01-25