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Working Paper
Rising Skill Supply, Technological Changes, and Innovation: A Quantitative Exploration of China
Can the expansion of higher education lead to firm productivity growth? In this paper, we examine how China's college expansion program contributes to the rapid growth of firms' R&D expenditure and productivity. In our model, heterogeneous firms make endogenous R&D decisions, requiring them to allocate skilled workers between production and R&D. We structurally estimate the model using firm-level data on the level and distribution of R&D, as well as macro-level data on skill prices and sectoral allocation. Quantitative analysis reveals that between 2004 and 2018, the combination of the ...
Speech
Apprenticeships: Nobility and Necessity
Apprenticeships date back to ancient times, but they remain relevant in today?s economy, Philadelphia Fed President Patrick Harker told the audience at the Bank?s Apprenticeship Conference on July 11. Apprenticeships help workers acquire the skills now in demand, he said
Journal Article
Building Opportunities and Skills for a Growing Digital Workforce
Information Technology (IT) is a sector with a high demand for skilled workers to fill jobs in U.S., regional, and local economies, according to the Bureau of Labor Statistics. Although most of the employment opportunities in this sector have been advanced-skills jobs in start-ups, software and application development, and wearable technologies, there are many IT opportunities that do not fall into these categories. The need for skilled IT employees has increased across many industries. Recent initiatives and reports recognize these opportunities as a means to move entry-level workers into ...