Learning by Doing as a Propagation Mechanism
Yongsung Chang (),
João Gomes () and
Frank Schorfheide ()
No 3599, CEPR Discussion Papers from C.E.P.R. Discussion Papers
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)
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Journal Article: Learning-by-Doing as a Propagation Mechanism (2002)
Working Paper: Learning by Doing as a Propagation Mechanism (2002)
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