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We analyze different treatment effects, including policy relevant parameters, and link them to continuation values and latent skills. The empirical analysis exploits administrative data combining job training records, matched employee\u2010employer information, and pre\u2010labor market ability measures from Chile. Although the average returns to training are small, these vary across the unobserved ability distribution and previous training choices. In fact, among young workers, the returns to training are lower when followed by additional training, providing evidence of dynamic substitutability. Policy experiments illustrate how increasing the local availability of training programs may affect earnings heterogeneously across dynamic responses.<\/jats:p>","DOI":"10.1002\/jae.2877","type":"journal-article","created":{"date-parts":[[2021,8,19]],"date-time":"2021-08-19T10:44:11Z","timestamp":1629369851000},"page":"242-269","update-policy":"http:\/\/dx.doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":8,"title":["Dynamic treatment effects of job training"],"prefix":"10.1002","volume":"37","author":[{"given":"Jorge","family":"Rodr\u00edguez","sequence":"first","affiliation":[{"name":"School of Business and Economics Universidad de los Andes  Santiago Chile"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Fernando","family":"Saltiel","sequence":"additional","affiliation":[{"name":"Department of Economics McGill University  Montreal Quebec Canada"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Sergio","family":"Urz\u00faa","sequence":"additional","affiliation":[{"name":"Department of Economics University of Maryland and NBER  College Park Maryland USA"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2021,12,2]]},"reference":[{"key":"e_1_2_10_2_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2004.04.002"},{"key":"e_1_2_10_3_1","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00456"},{"key":"e_1_2_10_4_1","doi-asserted-by":"publisher","DOI":"10.1016\/S1573-4412(07)06072-2"},{"key":"e_1_2_10_5_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0169-7218(11)02410-5"},{"key":"e_1_2_10_6_1","doi-asserted-by":"crossref","unstructured":"Agostinelli F. 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