-shock specification, we identify, using sign restrictions, two non-policy shocks, demand and supply, and two policy shocks, monetary and … fiscal. We obtain the following results. (ii) Both supply and demand shocks are important sources of fluctuations; supply …

to the speculative demand for oil as well as shocks to the flow demand and flow supply. The forward-looking element of … an estimate of this elasticity based on shifts of the supply curve along the demand curve. We show that, even after …

do not occur ceteris paribus. This makes it necessary to explicitly account for the demand and supply shocks underlying …

The paper examines the optimal level of training investment when trained workers are mobile, wage contracts are time …-consistent, and training comprises both specific and general skills. It is shown that, in the absence of a social planner, the firm …-post monopsonistic power in wage determination. Local union-firm wage bargaining ensures that the post-training wage is set sufficiently …

There is a vast empirical literature on the effects of training on wages that are taken as an indirect measure of … productivity. This paper is part of a smaller literature on the effects of training on direct measures of industrial productivity …. We analyse a panel of British industries between 1983 and 1996. Training information (and other individual productivity …

looking at adjustment mechanisms that operate through labour markets. We show that under a wide set of circumstances the …

We analyse Polish active labour market policy (ALMP) training programmes from a macroeconomic (regional) point of view …. The effects of training programmes on the outflows from unemployment and the effects of all ALMP programmes on the … gives some tentative support to the view that public training programmes can be used to reduce unemployment. …

high and as a result employers have limited monopsony power and are willing to supply only little training, while in …This paper offers and tests a theory of training whereby workers do not pay for general training they receive. The … firm to provide training. We show that the model can lead to multiple equilibria. In one equilibrium quits are endogenously …

This paper incorporates training in the design of unemployment policies. Human capital falls upon displacement and … continuously depreciates during unemployment. While training counters the decrease in human capital, it also affects the … willingness of the unemployed to search. I characterize the optimal insurance contract when participation to training programs …

This paper uses firm level panel data of firm provided training to estimate its impact on productivity and wages. To … endogeneity of input factors and training is applied. The productivity premium for a trained worker is estimated at 23%, while the … wage premium of training is estimated at 12%. Our results give support to recent theories that explain work related …