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| List of Figures | |
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| List of Tables | |
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| List of Contributors | |
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| Preface | |
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| The Macroeconomics of Education | |
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| Introduction | |
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| Background | |
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| Organization and summary of the report-Part 1 | |
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| Theory and facts | |
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| The growth vs. cohesion trade-off | |
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| Improving the trade-off: a study of mismatch, mobility and skill specialization | |
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| Policy Implications | |
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| Theory and Facts | |
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| A brief theoretical perspective on human capital investment with a focus on institutions | |
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| Introduction | |
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| Theory | |
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| Perfect financial markets | |
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| Financial imperfections | |
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| Life-cycle and on-the-job investments | |
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| Labour market frictions | |
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| Conclusions of the theory part | |
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| Classification of education | |
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| The supply of education and its trends | |
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| Financing and quality | |
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| Returns to education: unemployment, wages, mobility | |
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| Wage returns to education | |
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| Employment and unemployment | |
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| Geographical mobility | |
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| Conclusion | |
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| Education Priorities: Growth vs. Cohesion | |
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| Cohesion and the Supply of General Skills in Europe | |
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| Introduction | |
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| Schooling and skills by cohort: a long-run perspective | |
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| Data description | |
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| Schooling and skills by cohort | |
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| The skills among those still in school | |
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| Mean student performance | |
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| Student/teacher ratios | |
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| Equality | |
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| Implications for wage inequality | |
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| Concluding remarks | |
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| Higher Education, Innovation and Growth | |
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| Introduction | |
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| A survey of the effects of education on growth | |
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| International migration, the brain drain and 'talents' | |
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| Immigration to the EU and the USA: size and composition | |
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| 'Talents': analysing their mobility and contribution | |
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| Highly educated, productivity and innovation | |
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| Quality of highly skilled foreign-born in the US | |
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| Effect on innovation | |
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| Conclusions | |
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| The Margins of Improvement of Education Institutions: Skill Mismatch, Skill Portability and Mobility | |
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| Internal Mobility, Skills and Education | |
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| Introduction | |
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| Internal mobility: EU versus USA | |
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| Mobility and education in Europe | |
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| Introduction | |
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| Data: ECHP and geographical mobility | |
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| More descriptive statistics on mobility | |
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| Theory | |
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| First strategy: comparing job-related mobility and mobility for other reasons | |
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| Second strategy: estimating the income gain from migration | |
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| Further comments on mobility and education | |
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| Determinants of mobility of highly skilled workers across US state data | |
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| Conclusions | |
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| Skill Mismatch and Over-qualification in the Enlarged Europe | |
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| Introduction | |
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| A brief survey of the literature | |
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| Skill mismatch and over-qualification in the EU-15 | |
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| Who is over-qualified or mismatched? | |
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| Over-qualification, skills mismatch and wages | |
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| Education mismatch in a transition economy: the case of Poland | |
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| Returns to over-under-education | |
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| Nature of education mismatch in Poland | |
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| Overall conclusions | |
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| Specificity of Skills and Reallocation | |
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| Introduction | |
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| Skill specialization in Europe | |
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| Measurement of specific skills | |
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| An application to two accession countries, Poland Estonia | |
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| Policy implications | |
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| References | |
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| Appendices | |
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| Comments | |
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| Juan J. Dolado | |
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| Daniel Gros | |
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| Workplace Training in Europe | |
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| Introduction | |
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| An Overview of the Theoretical Framework | |
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| The received wisdom | |
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| Challenges to this orthodoxy | |
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| An overview of the various approaches and their empirical predictions | |
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| General training in a perfectly competitive labour market | |
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| Imperfect capital markets and general training | |
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| Pure specific training | |
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| Mixture of training types | |
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| Oligopsonistic wage setting | |
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| Asymmetric information | |
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| Comparisons of predictions of these models | |
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| A clarification of wage compression | |
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| Is there under-provision of training? | |
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| Is there an equity issue? | |
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| Institutions | |
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| Trade unions | |
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| Otherwise competitive labour markets | |
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| Imperfectly competitive labour markets | |
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| Union concern over the wage-employment package | |
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| Labour turnover | |
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| Unions' use of training to control labour supply | |
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| Selectivity and other issues | |
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| Minimum wages | |
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| Taxes and social security systems | |
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| Product market competition and deregulation | |
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| Schooling institutions | |
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| Summary | |
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| Unions | |
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| Product market regulation | |
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| Stylized Facts about Workplace Training | |
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| Measurement issues | |
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| The distribution of training across countries and regions | |
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| Who pays for training? | |
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| The distribution of training investments across firms | |
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| Training differences across employees | |
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| Summary | |
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| Description of the Datasets and Supplementary Tables | |
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| Training and Labour Market Institutions | |
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| Previous empirical literature | |
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| Unions and training | |
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| Minimum wages and training | |
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| Flexible labour contracts and training | |
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| Product market competition, employment protection and training | |
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| Schooling and training | |
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| Training and pensions | |
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| The data | |
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| The empirical set-up | |
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| The empirical results | |
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| Summary | |
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| The Costs and Benefits of Workplace Training | |
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| Estimating the private returns to training | |
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| Identification | |
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| Rates of return | |
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| Returns to employees | |
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| The US evidence | |
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| The European evidence | |
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| Evidence from the ECHP | |
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| Are the wage returns to training really high? | |
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| Summary | |
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| Returns to employers | |
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| Training and growth | |
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| Summary | |
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| Is There Scope for Policy? | |
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| Policy responses to market failures in training provision | |
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| Under-provision: what is the evidence? | |
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| Training and turnover | |
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| Credit constraints | |
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| Is there an equity issue? | |
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| What do we learn from the empirical evidence? | |
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| A political economy approach | |
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| Policies offering financial support to workplace training | |
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| Labour market policies and training | |
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| Summary | |
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| A Simple Political Economy Model of Training Subsidies | |
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| Training Policies in Europe | |
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| Regulation: pay-back clauses, time working accounts and apprenticeship contracts | |
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| Co-financed schemes directed at firms | |
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| Co-financed schemes directed to individuals | |
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| References | |
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| Comments | |
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| Giuseppe Bertola | |
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| Jorn-Steffen Pischke | |
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| Final Remarks | |
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| Index | |