Learning by Doing as a Propagation Mechanism

João Gomes, Yongsung Chang and Frank Schorfheide

No 3599, CEPR Discussion Papers from Centre for Economic Policy Research

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: Learning by doing; Business cycles; Propagation; Labour supply (search for similar items in EconPapers)
JEL-codes: C52 E32 J22 (search for similar items in EconPapers)
Date: 2002-10
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (161)

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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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