Human resources needs in the evolving financial sector
As banks, securities houses, and insurance companies offer increasingly similar services, how have their human resource needs changed? An analysis of survey data reveals that all three industries have come to rely more heavily on high-skilled labor; however, the educational and occupational profiles of their workforces have not become substantially more alike.
Developing a workforce to meet today's business needs
Productivity, computerization, and skill change
Until recently, most studies examining the effect of computerization on productivity have shown little evidence of a payoff to computer investment in terms of productivity growth. Most of these studies have focused on the connection between information technology (IT) or information and communications technology (ICT) and productivity, but few have examined the linkages between IT and broader indicators of structural change. This article helps fill that gap. ; The article concentrates on the relation of skills, education, and computerization to productivity growth and other indicators of ...
Investing in the front line or the new art of cutting metal
Worker skills must expand to meet long-term demands
Explaining the decline in teen labor force participation
Fewer teenagers are participating in the labor force today than at any point since WWII. At just under 44%, teen labor force participation is 15 percentage points below its peak in the late 1970s. Why has there been a long-run secular decline in the work activity of young adults, and why has it sharply accelerated in the last five years?
Do returns to schooling differ by race and ethnicity?
Using data from the U.S. Decennial Census and the National Longitudinal Surveys, we find little evidence of differences in the return to schooling across racial and ethnic groups, even with attempts to control for ability and measurement error biases. While our point estimates are relatively similar across racial and ethnic groups, our conclusion is driven in part by relatively large standard errors. ; That said, we find no evidence that returns to schooling are lower for African Americans or Hispanics than for non-minorities. As a result, policies that increase education among the ...
Learning by doing and the value of optimal experimentation
Research on learning-by-doing has typically been restricted to cases where estimation and control can be treated separately. Recent work has provided convergence results for more general learning problems where experimentation is an important aspect of optimal control. However the associated optimal policy cannot be derived analytically because Bayesian learning introduces a nonlinearity in the dynamic programming problem. This paper characterizes the optimal policy numerically and shows that it incorporates a substantial degree of experimentation. Dynamic simulations indicate that optimal ...