The structure of wages and investment in general training
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Author
Contributions
- Pischke, Jörn-Steffen. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
1998 - National Bureau of Economic Research, Cambridge, MA, Massachusetts
Language
English
Word Count
6,250 words, Guess
Page Count
25 pages
Identifiers
- OCLC Control Number38544231
- Open LibraryOL22404047M
Classifications
- LCCHB1 .W654 no. 6357
Description
In the standard model of human capital with perfect labor markets, workers pay for general training. When labor market frictions compress the structure of wages, firms may invest in the general skills of their employees. The reason is that the distortion in the wage structure turns "technologically" general skills into "specific" skills. Labor market frictions and institutions, such as minimum wages and union wage setting, are crucial in shaping the wage structure, and thus have an important impact on training. Our results suggest that the more frictional and regulated labor markets in Europe and Japan may generate more firm-sponsored general training than the U.S.
Subjects
Topics
Series Statement
- NBER working paper series -- working paper 6357
- Working paper series (National Bureau of Economic Research) -- working paper no. 6357.
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