Purpose -The main objective of this paper is to analyse the link between human capital depreciation and the educational level of Spanish salaried workers. Design/methodology/approach -Wage equations are estimated by sector and occupation, following the empirical framework proposed by Neuman and Weiss. Data in this study refer to the Spanish labour market, using two cross-sectional employee-firm matched data. Findings -The estimates provided in this paper suggest that human capital depreciation rates are not homogeneous for the whole sample; in contrast, they vary across educational levels, being greater as the workers' school attainment increases.Research limitations/implications -The main restriction of the paper is the limited availability of quality longitudinal data to estimate human capital depreciation. Practical implications -Knowledge acquired by workers may quickly become obsolete in a context of technological change. Thus, the paper's main findings support the need for ongoing training programs to update workers' skills to changing market requirements. Originality/value -The added value of this paper is two-fold. On the one hand, returns to education and human capital depreciation for the Spanish labour force are estimated using a pseudo-panel created from two cross-sectional data bases. On the other hand, earnings equations are estimated by sector and occupation in order to calculate human capital depreciation rates; this procedure allows the authors to take into account the worker's occupation and their level of education as well as technological differences associated with their job.
Esta es la versión de autor del artículo publicado en: This is an author produced version of a paper published in:Journal of Policy Modeling 34 (2012) This study examines the effects of educational mismatch on wages in the Spanish labour market since the mid-nineties. First we study the evolution of returns to education and then we estimate returns to education in terms of the match between the worker's schooling and the job requirements. The results indicate that returns to education have declined since the mid-nineties. One also finds that the return associated with the job's required education is greater than that corresponding to the worker's actual schooling, and that the return on an additional year of attained education is positive but less than that of an additional year of required education. From a policy perspective, the existence of educational mismatch points to inefficiencies in the allocation of the educational resources. Investment on education can positively contribute to alleviate the unemployment problem in Spain, but taken into account the existence of educational mismatch it also becomes necessary to introduce structural reforms in order to adapt the job structure to a model of production based on knowledge so that the more highly qualified workers can find a job that corresponds to their educational level.JEL classification: I20; I29; J30
In this paper we apply the autoregressive vector (VAR) methodology proposed by Blanchard y Katz (1992) with the main objective of analyzing the unemployment persistence in Andalusia and Extremadura. The quarterly data are provided by the Spanish Labour Force Survey (Encuesta de Población Activa, EPA), and correspond to the 1976:3-2004:4 period. Our main conclusion is that in these two regions a specific shock in the labour demand produces permanent effects on the participation ratio -mainly in Andalusia-and on the unemployment rate -mainly in Extremadura.
ResumenEste trabajo analiza los rendimientos de la educación y del desajuste educativo en España teniendo en cuenta no solo los años de educación recibida por los trabajadores sino también las competencias bá-sicas que estos han adquirido realmente. Utilizando la base de datos PIAAC, los resultados obtenidos indican que tanto los años de educación como las competencias adquiridas contribuyen a determinar los salarios, siendo mayor el rendimiento asociado a los años de educación cuanto mayor es el nivel de competencias alcanzado. Se observa además que los rendimientos asociados a los años de desajuste educativo varían en función de las competencias adquiridas por los trabajadores, con una prima (penalización) por los años de sobreeducación (infraeducación) mayor entre los trabajadores con mayor (menor) nivel de competencias. Por último, se constata que desajuste educativo y desajuste en competencias son dos fenómenos distintos en el mercado de trabajo español, siendo el desajuste educativo el que contribuye a explicar las diferencias salariales existentes entre trabajadores que ocupan un puesto de trabajo similar.Palabras clave: desajuste educativo; competencias cognitivas; rendimientos educativos.
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