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The rate of learning-by-doing: estimates from a search-matching model

✍ Scribed by Julien Prat

Publisher
John Wiley and Sons
Year
2009
Tongue
English
Weight
277 KB
Volume
25
Category
Article
ISSN
0883-7252

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✦ Synopsis

Abstract

We construct and estimate by maximum likelihood a job search model where wages are set by Nash bargaining and idiosyncratic productivity follows a geometric Brownian motion. The proposed framework enables us to endogenize job destruction and to estimate the rate of learning‐by‐doing. Although the range of the observations is not independent of the parameters, we establish that the estimators satisfy asymptotic normality. The structural model is estimated using Current Population Survey data on accepted wages and employment durations. We show that it accurately captures the joint distribution of wages and job spells. We find that the rate of learning‐by‐doing has an important positive effect on aggregate output and a small impact on employment. Copyright © 2009 John Wiley & Sons, Ltd.

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