LABOR-MARKET FRICTIONS, HUMAN CAPITAL ACCUMULATION, AND LONG-RUN GROWTH: POSITIVE ANALYSIS AND POLICY EVALUATION*
构建了一个包含内生人力资本和劳动参与率的搜索模型，研究短期摩擦对增长的影响以及人力资本政策的有效性。发现学习效率、市场匹配等对增长有促进作用，但直接作用于学习努力的政策未必更有利于福利。
We construct a search model with endogenous human capital and labor participation to study the growth effects of short-run frictions and the effectiveness of human capital policies. Employment, learning effort, and output growth increase with more effective learning, better labor-market matching, lower job separation, or less costly vacancy creation. Although output growth, employment, vacancy creation, and learning and search effort are most responsive to changes in a human capital policy that directly affects learning effort, such a policy need not be more beneficial for welfare. The effects of human capital policies become larger as the severity of labor-market frictions rises.