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List of Figures xi
List of Tables xiii
List of Contributors xvii
Preface xix
The Macroeconomics of Education Etienne Wasmer Peter Fredriksson Ana Lamo Julian Messina Giovanni Peri 1
Introduction 3
Background 3
Organization and summary of the report-Part 1 4
Theory and facts 4
The growth vs. cohesion trade-off 4
Improving the trade-off: a study of mismatch, mobility and skill specialization 6
Policy Implications 8
Theory and Facts 9
A brief theoretical perspective on human capital investment with a focus on institutions 9
Introduction 9
Theory 9
Perfect financial markets 9
Financial imperfections 10
Life-cycle and on-the-job investments 13
Labour market frictions 13
Conclusions of the theory part 14
Classification of education 15
The supply of education and its trends 18
Financing and quality 22
Returns to education: unemployment, wages, mobility 25
Wage returns to education 25
Employment and unemployment 28
Geographical mobility 31
Conclusion 35
Education Priorities: Growth vs. Cohesion
Cohesion and the Supply of General Skills in Europe 36
Introduction 36
Schooling and skills by cohort: a long-run perspective 36
Data description 37
Schooling and skills by cohort 39
The skills among those still in school 47
Mean student performance 47
Student/teacher ratios 49
Equality 51
Implications for wage inequality 52
Concluding remarks 54
Higher Education, Innovation and Growth 56
Introduction 56
A survey of the effects of education on growth 57
International migration, the brain drain and 'talents' 59
Immigration to the EU and the USA: size and composition 59
'Talents': analysing their mobility and contribution 63
Highly educated, productivity and innovation 66
Quality of highly skilled foreign-born in the US 66
Effect on innovation 68
Conclusions 70
The Margins of Improvement of Education Institutions: Skill Mismatch, Skill Portability and Mobility
Internal Mobility, Skills and Education 71
Introduction 71
Internal mobility: EU versus USA 72
Mobility and education in Europe 73
Introduction 73
Data: ECHP and geographical mobility 75
More descriptive statistics on mobility 76
Theory 78
First strategy: comparing job-related mobility and mobility for other reasons 80
Second strategy: estimating the income gain from migration 85
Further comments on mobility and education 88
Determinants of mobility of highly skilled workers across US state data 88
Conclusions 90
Skill Mismatch and Over-qualification in the Enlarged Europe 91
Introduction 91
A brief survey of the literature 92
Skill mismatch and over-qualification in the EU-15 93
Who is over-qualified or mismatched? 97
Over-qualification, skills mismatch and wages 101
Education mismatch in a transition economy: the case of Poland 104
Returns to over-under-education 106
Nature of education mismatch in Poland 108
Overall conclusions 110
Specificity of Skills and Reallocation 111
Introduction 111
Skill specialization in Europe 111
Measurement of specific skills 114
An application to two accession countries, Poland Estonia 115
Policy implications 118
References 122
Appendices 131
Comments 134
Juan J. Dolado 134
Daniel Gros 140
Workplace Training in Europe Andrea Bassanini Alison Booth Giorgio Brunello Maria De Paola Edwin Leuven 143
Introduction 145
An Overview of the Theoretical Framework 158
The received wisdom 158
Challenges to this orthodoxy 159
An overview of the various approaches and their empirical predictions 161
General training in a perfectly competitive labour market 161
Imperfect capital markets and general training 161
Pure specific training 162
Mixture of training types 162
Oligopsonistic wage setting 163
Asymmetric information 164
Comparisons of predictions of these models 165
A clarification of wage compression 165
Is there under-provision of training? 167
Is there an equity issue? 169
Institutions 170
Trade unions 170
Otherwise competitive labour markets 171
Imperfectly competitive labour markets 171
Union concern over the wage-employment package 173
Labour turnover 173
Unions' use of training to control labour supply 174
Selectivity and other issues 174
Minimum wages 175
Taxes and social security systems 176
Product market competition and deregulation 176
Schooling institutions 177
Summary 177
Appendix 1 179
Appendix 2 182
Appendix 3 184
Unions 184
Product market regulation 185
Stylized Facts about Workplace Training 187
Measurement issues 188
The distribution of training across countries and regions 193
Who pays for training? 197
The distribution of training investments across firms 201
Training differences across employees 205
Summary 214
Description of the Datasets and Supplementary Tables 216
Training and Labour Market Institutions 232
Previous empirical literature 233
Unions and training 233
Minimum wages and training 234
Flexible labour contracts and training 235
Product market competition, employment protection and training 235
Schooling and training 236
Training and pensions 236
The data 237
The empirical set-up 243
The empirical results 244
Summary 251
The Costs and Benefits of Workplace Training 253
Estimating the private returns to training 254
Identification 254
Rates of return 256
Returns to employees 257
The US evidence 258
The European evidence 261
Evidence from the ECHP 263
Are the wage returns to training really high? 265
Summary 267
Returns to employers 267
Training and growth 270
Summary 270
Is There Scope for Policy? 272
Policy responses to market failures in training provision 273
Under-provision: what is the evidence? 273
Training and turnover 276
Credit constraints 278
Is there an equity issue? 278
What do we learn from the empirical evidence? 282
A political economy approach 282
Policies offering financial support to workplace training 283
Labour market policies and training 287
Summary 289
A Simple Political Economy Model of Training Subsidies 290
Training Policies in Europe 293
Regulation: pay-back clauses, time working accounts and apprenticeship contracts 293
Co-financed schemes directed at firms 301
Co-financed schemes directed to individuals 306
References 310
Comments 324
Giuseppe Bertola 324
Jorn-Steffen Pischke 330
Final Remarks John P. Martin 343
Index 349
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