Learning by Doing as a Propagation Mechanism

Yongsung Chang (), João F. Gomes () and Frank Schorfheide ()

No 3599, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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 labour 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.

Keywords: business cycles; labour supply; learning by doing; propagation (search for similar items in EconPapers)
JEL-codes: C52 E32 J22 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2002-10
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Working Paper: Learning by Doing as a Propagation Mechanism (2002)
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