000			01549nab a2200265 c 4500
999			_c146768 _d146768
003			ES-MaIEF
005			20221117192525.0
007			ta
008			221117t2022 us ||||| |||| 00| ||eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_aWalentin, Karl _970198
245	1	0	_aLearning on the job and the cost of business cycles _c by Karl Walentin and Andreas Westermark
500			_aResumen
504			_aBibliografía
520			_aWe show that business cycles reduce welfare through a decrease in the average level of employment in a labor market search model with learning on the job and skill loss during unemployment. Empirically, unemployment and the job-finding rate are negatively correlated. Since new jobs are the product of these two from the employment transition equation, business cycles imply fewer new jobs. Learning on the job implies that the resulting decrease in employment reduces aggregate human capital. This reduces incentives to post vacancies, further decreasing employment and human capital. We quantify this mechanism and find large output and welfare costs of business cycles.
650		4	_aCICLOS ECONOMICOS _934579
650		4	_aMERCADO DE TRABAJO _947734
650		4	_aDESEMPLEO _942613
650		4	_aCAPITAL HUMANO _933534
650		4	_aBIENESTAR SOCIAL _933421
650		4	_aESTADOS UNIDOS _942888
700	1		_aWestermark, Andreas _970199
773	0		_9168431 _oOP 2137/2022/4 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x1945-7707 _g v. 14, n. 4, October 2022, p. 341-377
942			_cART