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  • I argue that by reducing workers’ ability to find a job that fully utilizes their skills, policies and regulations that raise firms’ cost of doing business discourage workers from accumulating human capital. Consistent with this view, rich panel data from 23 OECD countries indicate that life-cycle wage growth and on-the-job training are greater in more fluid labor markets while firms’ cost of doing business is lower. A quantitative version of the model implies that relative to the US, aggregate productivity is 30 percent lower in the least fluid labor market, primarily due to a lower stock of human capital. (xsd:string)
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