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A quality-adjusted specification of labor is suggested which allows firm training to affect labor efficiency. To assess the cost and productivity effects, this specification is integrated into a flexible neoclassical cost function. The empirical analysis uses panel data for eight plants in the...
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Job displacement in the U.S. is a serious threat to the earnings of long-tenured workers, through both (i) unemployment … spells and (ii) reduced reemployment wages. Although full insurance requires both unemployment benefits and wage insurance …
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