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Learning-by-Doing as a Propagation Mechanism

Yongsung Chang, Joao F. Gomes and Frank Schorfheide
The American Economic Review
Vol. 92, No. 5 (Dec., 2002), pp. 1498-1520
Stable URL: http://www.jstor.org/stable/3083260
Page Count: 23
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Learning-by-Doing as a Propagation Mechanism
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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.

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