英文摘要 |
This paper develops an endogenous growth model with two engines, R&D and capital with endogenous skill accumulation. Analytically, on-the-job training subsidies not only enhance the ratio of high-skilled to low-skilled workers, it also decreases wage inequality. The effects of on-the-job training subsidies on GDP growth, however, is ambiguous. The calibration results show that GDP growth exhibits an inverted U-shaped relationship with on-the-job training subsidies. That is, an increase in on-the-job training subsidies boosts overall growth and reduce wage inequality, provided that the status quo on-the-job training subsidies are moderate. Moreover, there exists a growth-maximizing subsidy rate, which decreases with the efficiency of skill accumulation, with the substitution elasticity between high-skilled and low-skilled workers in the capital-good sector, and with the depreciation rate of existing skills. |