The Cyclical Behavior of Skill Acquisition

David DeJong () and Beth Ingram ()

Review of Economic Dynamics, 2001, vol. 4, issue 3, 536-561

Abstract: We use a business cycle model to analyze the general equilibrium implications of a representative agent's decision to devote time to skill acquisition activities, which are modeled as boosting subsequent labor productivity by increasing the stock of human capital. We use aggregate data on consumption, investment, and labor hours to estimate the parameters of the model, and then use the estimated model and the observed data to infer the aggregate behavior of skill acquisition activities. We find that these activities have important cyclical implications and are distinctively countercyclical; they also exhibit a systematic correspondence with college enrollment data. (Copyright: Elsevier)

Keywords: on-the-job training; college enrollment; general-equilibrium model, full-information estimation. (search for similar items in EconPapers)
JEL-codes: E32 J22 J24 (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (64)

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DOI: 10.1006/redy.2000.0124

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