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Separate identification of the price and quantity of human capital has important implications for understanding key issues in economics. Price and quantity series are derived for four education levels. The price series are highly correlated and they exhibit a strong secular trend. Three...
Persistent link: https://www.econbiz.de/10010291956
We examine the contribution of human capital to economy-wide technological improvements through the two channels of innovation and imitation. We develop a theoretical model showing that skilled labor has a higher growth-enhancing effect closer to the technological frontier under the reasonable...
Persistent link: https://www.econbiz.de/10010292939
This paper analyses macroeconomic aspects of exit from aid-dependence. By 'exit from aid', we mean substantial and enduring decline over time in Official Development Assistance (ODA) as a share of Gross Domestic Product (GDP). The relevant macroeconomic variables are identified by systematically...
Persistent link: https://www.econbiz.de/10010293266
Empirical work on regional growth under spatial spillovers uses two workhorse models: the spatial Solow model and Verdoorn's model. This paper contrasts these two views on regional growth processes and demonstrates that in a spatial setting the speed of convergence is heterogenous in both...
Persistent link: https://www.econbiz.de/10010293378
Panel data is used to investigate the extent of R&D spillovers between OECD countries, and the importance of barriers to technology adoption in affecting the benefits of such spillovers. Our results indicate that countries with less regulated goods and labour markets benefit more from foreign R&D.
Persistent link: https://www.econbiz.de/10010293398
This paper provides derivations necessary for solving an optimal consumption problem with multiplicative habits and a CRRA 'outer' utility function either for a microeconomic problem with both labor income risk and rate-of-return risk or for a macroeoconomic representative agent model.
Persistent link: https://www.econbiz.de/10010293504
The informal sector (IS) plays a significant role in developing countries viz. the provision of employment, income and supplying ignored markets. However, working and employment conditions within the sector are still poor. Its expansion and changing structures have thus drawn the attention of...
Persistent link: https://www.econbiz.de/10010293528
In this study we use a long run macroeconomic model for Austria to simulate the effects of aging on employment, output growth, and the solvency of the social security system. By disaggregating the population into six age cohorts and modelling sex specific participation rates for each cohort, we...
Persistent link: https://www.econbiz.de/10010293723
This paper argues that an increase in the inequality of wealth prompts a stronger quest for status that in turn fosters the accumulation of wealth. It proposes a measure for an individual's want of social status. For a given level of a population's wealth, the corresponding aggregate measure of...
Persistent link: https://www.econbiz.de/10010293749
This paper models total factor productivity (TFP) in space and proposes an empirical model for TFP interdependence across spatial locations. The interdependence is assumed to occur due to age-structured human capital dynamics. A semi-parametric spatial vector autoregressive framework is...
Persistent link: https://www.econbiz.de/10010293992