Grâdšṭayn, Marq; Ishak, Phoebe W. - 2021
We explore the effects of persistent income shocks on human capital using oil price fluctuations in a large sample of …). Theoretically, such shocks enable human capital investment via the standard income effect; but also crowd it out because of … substitutability between natural resource and human capital income sources - so the net outcome can go either way. Our model suggests …