TY  - JOUR
AU  - Acemoglu,Daron
AU  - Pischke,Jorn-Steffen
TI  - The Structure of Wages and Investment in General Training
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6357
PY  - 1998
Y2  - January 1998
UR  - http://www.nber.org/papers/w6357
L1  - http://www.nber.org/papers/w6357.pdf
N1  - Author contact info:
Daron Acemoglu
Department of Economics
MIT, E52-380B
50 Memorial Drive
Cambridge, MA  02142-1347
Tel: 617/253-1927
Fax: 617/253-1330
E-Mail: daron@mit.edu

Jorn-Steffen Pischke
CEP
London School of Economics
Houghton Street
London WC2A 2AE
UNITED KINGDOM
Tel: 44-20-7955-6509
Fax: 44-20-7955-7595
E-Mail: s.pischke@lse.ac.uk
AB  - In the standard model of human capital with perfect labor markets general training.  When labor market frictions compress the structure of wages in the general skills of their employees.  The reason is that the distortion in the wage structure" turn  technologically' general skills into  specific' skills.  Labor market frictions and institutions such as minimum wages and union wage setting, are crucial in shaping the wage structure thus have an important impact on training.  Our results suggest that the more frictional and" regulated labor markets in Europe and Japan may generate more firm-sponsored general training" than the U.S.
ER  -