On-the-Job Learning and News-Driven Business Cycles

This paper proposes a new channel of on-the-job learning to explain the positive comovement between consumption and employment following good news about future productivity. The new recruits can generate an additional stream of output production in all future periods, and the firm's labor deman...

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Veröffentlicht in:	Journal of money, credit and banking credit and banking, 2015-03, Vol.47 (2-3), p.261-294
Hauptverfasser:	CHEN, KUAN-JEN, LAI, CHING-CHONG
Format:	Artikel
Sprache:	eng
Schlagworte:	Business cycles Consumption E20 E32 Employment Inservice training Investment labor market frictions Labor supply Labour demand Learning news-driven business cycles on-the-job learning Productivity Studies
Online-Zugang:	Volltext
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