Giovanni, Julian di; Matsumoto, Akito - Institute of Economic Research, Hitotsubashi University - 2011
The value of human capital wealth and its return process are important to quantify in order to study consumption … total wealth, and then use household non-human capital wealth data to recover the value of human capital wealth as a … residual. Using U.S. data over the period 1952-2007, we find that human capital is approximately three-quarters of total wealth …