Caponi, Vincenzo; Kayahan, Cevat Burc; Plesca, Miana - Vancouver School of Economics - 2009
The literature has not yet resolved whether the effect of macroeconomic fluctuations on training decisions is positive or negative. On the one hand, the opportunity cost to train is lower during downturns, and thus training should be counter-cyclical. On the other hand, a positive shock may be...