Vincenzo, Caponi; Burc, Kayahan; Miana, Plesca - In: The B.E. Journal of Macroeconomics 10 (2010) 1, pp. 1-37
The literature on training has pointed out that macroeconomic fluctuations can have a positive or a negative effect on training decisions. On the one hand, the opportunity cost to train is lower during downturns, and thus training should be counter-cyclical. On the other hand, a positive shock...