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BEGIN:VEVENT
UID:02d48a3ff721b3bc25a2ebc5b1fef5ae
CATEGORIES:Seminars
CREATED:20161216T175603
SUMMARY:Lunch Seminar: Jean Flemming - University of Rome “Tor Vergata”
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Skill Accumulation in the Market an
 d at Home</strong></p><p style="text-align: justify;">Abstract:</p><p style
 ="text-align: justify;">This paper incorporates learning by doing in home a
 nd market production into a stochastic directed search model. Workers’ labo
 r supply choices affect skill accumulation in both the home and market sect
 ors, making the distributions of workers across employment states endogenou
 s and persistent state variables. The optimal search behavior by an unemplo
 yed worker implies that the job finding probability is much more sensitive 
 than the reemployment wage to the duration of unemployment, two facts which
  have been documented empirically. The model is calibrated to US data, and 
 implies a nontrivial role for true duration dependence in the decline of th
 e job finding probability. The model framework can easily accommodate busin
 ess cycles, and the mechanism predicts that the optimal response of agents’
  decisions after an aggregate shock generates an asymmetric response of the
  unemployment rate during and after recessions, with more severe recessions
  resulting in more persistent unemployment.</p>
DTSTAMP:20260403T214849Z
DTSTART:20151028T130000Z
DTEND:20151028T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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