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- W72855620 abstract "This paper analyses the relationships between education, growth and employment in a search model where education, employment and growth are endogenous. A vintage human capital model is developped, in which individuals lose skills in relative terms as new better skilled generations enter the economy. This phe nomenon is due to the presence of an externality in the education process. On the supply side, firms incur a growth-indexed cost to create a new job. As a consequence, keeping a job vacant has an option value that grows at a constant rate in equilibrium, thereby implying that old unemployed are rejected from the search activity. Education increases growth, lowers the unemployment rate, but shortens the critical age below which unemployed individuals become unemployable. We also exhibit multiple equi libria, that cannot be PARETO-ranked. * Bruno Decreuse : EUREQua Maison des Sciences Economiques, 106-112 bd de l'H?pital, 75647 Paris cedex 13, France. E-mail : decreuse@univ-paris1.fr Pierre Granier : GREQAM 2 rue de la charit? 13002 Marseille, France. E-mail: granier@ehess.cnrs-mrs.fr Nous remercions Omar Licandro, Philippe Michel, Henri Sneessens, les participants aux s?minaires ? g?n?rations imbriqu?es ? du GREQAM ainsi que deux rapporteurs anonymes de cette revue. Les erreurs r?siduelles restent de notre unique ressort. This content downloaded from 40.77.167.91 on Tue, 02 Aug 2016 05:52:29 UTC All use subject to http://about.jstor.org/terms" @default.
- W72855620 created "2016-06-24" @default.
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- W72855620 date "2016-01-01" @default.
- W72855620 modified "2023-09-30" @default.
- W72855620 title "?ducation, croissance et exclusion des ch?meurs ?g?s dans un mod?le d'appariement" @default.
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