TY  - RPRT
        AU  - Prat, Julien
        TI  - The Rate of Learning-by-Doing: Estimates from a Search-Matching Model
        PY  - 2007/May/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 2780
        UR  - https://www.iza.org/publications/dp2780
        AB  - We construct and estimate by maximum likelihood an equilibrium search model where wages are set by Nash bargaining and idiosyncratic productivity follows a geometric Brownian motion. The proposed framework enables us to endogenize job destruction and to estimate the rate of learning-by-doing. Although the range of the observations is not independent of the parameters, we establish that the estimators satisfy asymptotic normality. The structural model is estimated using Current Population Survey data on accepted wages and employment durations. We show that it captures almost perfectly the joint distribution of wages and job spells. We find that the rate of learning-by-doing has an important positive effect on aggregate output and a small impact on employment.
        KW  - structural estimation
KW  - uncertainty
KW  - human capital
KW  - job search
        ER  -