Training,Technological Changes,and Displacement |
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Authors: | Younghwan Song |
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Institution: | (1) Department of Economics, Union College, Schenectady, NY 12308, USA |
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Abstract: | By matching industry/occupation data on training to displaced worker data from the Current Population Surveys, this paper
analyzes why many older workers were displaced by technological changes in the 1990s, and why these workers incurred large
earnings losses. When technological changes depreciate the existing stock of firm-specific human capital, older workers who
receive higher wages from the sharing arrangement of the returns to investment in firm-specific human capital are dismissed
as firms find it unprofitable to retain them. These displaced workers have higher predisplacement wages with steeper wage–tenure
profiles, and hence incur larger earnings losses after displacement than other displaced workers.
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Keywords: | Displacement Technological change Human capital |
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