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Training Programs, Skills, and Human Capital: A Life-Cycle Approach

Gueorgui Kambourov and Florian Hoffmann
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Florian Hoffmann: University of British Columbia

No 1334, 2014 Meeting Papers from Society for Economic Dynamics

Abstract: We argue that standard models with one-dimensional skills and human capital cannot explain these distinct patterns. Instead we develop a model in which human capital is occupation-specific, but in which non-routine occupations require upfront occupation-specific human capital built-up. Furthermore, accumulation of human capital in non-routine occupations requires different skills than in routine occupations. Training programs and their government-sponsored general educational component help building human capital up-front and developing skills for processing complex task. We show that our model can explain the rich set of facts about labor market dynamics found in the data.

Date: 2014
New Economics Papers: this item is included in nep-dge and nep-hrm
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