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American Economic Journal: Macroeconomics: Vol. 4 No. 3 (July 2012)

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The Cyclicality of Skill Acquisition: Evidence from Panel Data

Article Citation

Méndez, Fabio, and Facundo Sepúlveda. 2012. "The Cyclicality of Skill Acquisition: Evidence from Panel Data." American Economic Journal: Macroeconomics, 4(3): 128-52.

DOI: 10.1257/mac.4.3.128

Abstract

This paper presents new empirical evidence regarding the cyclicality of skill acquisition activities. The paper studies both training and schooling episodes at the individual level using quarterly data from the NLSY79 for a period of 19 years. We find that aggregate schooling is strongly countercyclical, while aggregate training is acyclical. Several training categories, however, behave procyclically. The results also indicate that firm-financed training is procyclical, while training financed through other means is countercyclical; and that the cyclicality of skill acquisition investments depends significantly on the educational level and the employment status of the individual. (JEL E24, E32, I20, J24)

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Authors

Méndez, Fabio (U AR)
Sepúlveda, Facundo (U Santiago de Chile)

JEL Classifications

E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
E32: Business Fluctuations; Cycles
I20: Education and Research Institutions: General
J24: Human Capital; Skills; Occupational Choice; Labor Productivity

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