-competent workforce, as supported by firms’ training and recruitment plans. Conversely, ODT investment does not significantly alter total …

substitute for workers with completed vocational training. New capital goods are substitutive to low unskilled labor whereas the …

extensive use of temporary workers. Furthermore, these effects are at work only for the use of non-training temporary contracts …, while training temporary contracts are not affected by unions, volatility and their interplay. We argue that this occurs … because non-training temporary contracts can be used by firms as a buffer stock to cope with uncertainty and by unions to …

of the returns to general training and be willing to pay for it despite its general nature. However this outcome is not … efficient, in the sense that too few workers are trained and workers who are hired receive too little training. We consider how … different institutions can affect this inefficiency. Industry-level minimum wages can remove the training inefficiency and …