Learning, Matching and Growth
构建了一个包含市场摩擦的内生增长模型，分析工人教育投资如何通过影响在职人力资本积累和就业匹配过程，决定经济增长率与多重稳态增长路径。
We examine an endogenous growth model in which market frictions are an integral part of the economic environment. Workers invest in education when young, which raises their productivity once employed. The level of schooling also acts as a key determinant of the rate of economic growth by influencing workers' ability to accumulate additional human capital on-the-job. Once schooling is completed, workers search for employment. The division of the surplus between vacancies and searching workers is characterized, as is the optimal level of education. The economy may display multiple steady-state growth paths.