On‐the‐Job Learning and News‐Driven Business Cycles
提出在职学习这一新机制，解释关于未来生产率的利好消息如何同时推动消费和就业增长，并通过投资调整成本和产能利用率，模拟出新闻冲击下消费、投资、产出和就业同步繁荣的现象。
This paper proposes a new channel of on‐the‐job learning to explain the positive comovement between consumption and employment following good news about future productivity. The new recruits can generate an additional stream of output production in all future periods, and the firm's labor demand is thus characterized by the forward‐looking property. Therefore, the firm is motivated to hire more new recruits in advance in response to good news about future productivity. Once the increase in labor demand is greater than the decrease in labor supply caused by the income effect, the coincident rise in consumption and employment can be driven by the news shock. When such a channel is paired with investment adjustment costs and the endogenous capacity utilization rate, this paper provides a plausible explanation for simultaneous booms in current consumption, investment, output, and employment to match the empirical evidence under the news shock.