Learning by Doing as a Propagation Mechanism

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

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.

Keywords: Learning by Doing; Propagation Mechanism; Business Cycles; Bayesian Analysis (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-dge
Date: Written 2002-05-01
Note: Type of Document - pdf; prepared on IBM-PC; to print on HP;
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http://129.3.20.41/eps/mac/papers/0204/0204002.pdf (application/pdf)

Related works:
Working Paper: Learning by Doing as a Propagation Mechanism (2002)
Journal Article: Learning-by-Doing as a Propagation Mechanism (2002)
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