while considered as extremely large in the public debate in Europe. The main argument is based on a fundamental property of …. Two sets of implications are then derived: on one hand, mobility costs are high in Europe and transitions between steady …-states has especially strong adverse effects. Jobs endogenously last longer in Europe than in the US, but when they are destroyed …

in employee training and physical capital differently. We measure financing constraints with an index that combines … effect on investment in training, but substantially reduce investment in physical capital. …

Europe. Consistent with the view that firms use recessions as times to update skills, we find that training participation is …We use European Union Labour Force Survey data for the period 2005-2018 to investigate the cyclicality of training in … to be involved in public training programs during recessions, but not for the inactive, who may be affected by liquidity …

while considered as extremely large in the public debate in Europe. The main argument is based on a fundamental property of …. Two sets of implications are then derived: on one hand, mobility costs are high in Europe and transitions between steady …-states has especially strong adverse effects. Jobs endogenously last longer in Europe than in the US, but when they are destroyed …

training policies should therefore be reformulated. Skill formation is impaired when the returns to skill formation are low due …