@article{f5366838633347bd8cbd750405604290,
title = "Search, matching and training",
abstract = "We estimate a partial and general equilibrium search model in which firms and workers choose how much time to invest in both general and match-specific human capital. To help identify the model parameters, we use NLSY data on worker training and we match moments that relate the incidence and timing of observed training episodes to outcomes such as wage growth and job-to-job transitions. We use our model to offer a novel interpretation of standard Mincer wage regressions in terms of search frictions and returns to training. Finally, we show how a minimum wage can reduce training opportunities and decrease the amount of human capital in the economy.",
keywords = "Human capital investment, Matching and bargaining, Minimum wage, Wage growth",
author = "Christopher Flinn and Ahu Gemici and Steven Laufer",
note = "Funding Information: We thank participants at the HCEO conference on Human Capital and Inequality, the IZA/Crest/Bonn Conference on “Employment Policies and Heterogeneity in the Labor Market”, the 2014 SED in Toronto, the 2016 SAM in Amsterdam, the IZA/Crest/Bonn Employment Policies Workshop in 2016, and seminar participants at Duke, UGA, London School of Economics and George Washington for useful feedback. We have also received helpful suggestions from Jesper Bagger, Jim Heckman, Thibaut Lamadon, Rasmus Lentz, Jean-Marc Robin, Chris Taber and Tony Yezer. Flinn thanks the National Science Foundation (Grant 1357636) for partial support of this research. We thank Jack Popper for excellent research assistance. All remaining errors are our own. The views expressed herein are those of the authors and not necessarily those of the Board of Governors or others within the Federal Reserve System. Publisher Copyright: {\textcopyright} 2017 Elsevier Inc.",
year = "2017",
month = apr,
doi = "10.1016/j.red.2017.02.003",
language = "English (US)",
volume = "25",
pages = "260--297",
journal = "Review of Economic Dynamics",
issn = "1094-2025",
publisher = "Academic Press Inc.",
}