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Human Capital and the Feldstein-Horioka Puzzle
Katsimi, Margarita - 2007
In this paper we reexamine the Feldstein-Horioka finding of limited international capital mobility by using a broader view (i.e., including human capital) of investment and saving. We find that the Feldstein-Horioka result is impervious to this change
Persistent link: https://www.econbiz.de/10012777642
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Ageing and Productivity Growth : Are There Macro-Level Cohort Effects of Human Capital?
Werding, Martin - 2021
Slower growth of the labour force and an increase in old-age dependency will reduce the growth of aggregate output and output per capita in many developed countries. However, a major question is whether there is any systematic link between demographics and the productivity of those who will...
Persistent link: https://www.econbiz.de/10013316605
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Federalism, Fertility and Growth
Borck, Rainald - 2021
This paper analyses the effect of federalism on fertility and growth. In a model with human capital accumulation and endogenous fertility, two regimes of education finance are compared: central and local education. Using numerical simulation, I find that local education finance yields higher...
Persistent link: https://www.econbiz.de/10013316652
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Human Capital, Signaling, and Employer Learning. What Insights Do We Gain from Regression Discontinuity Designs
Graetz, Georg - 2018
Several recent papers employ the regression discontinuity design (RDD) to estimate the causal effect of a diploma (or similar credentials) on wages. Using a simple model of asymmetric information, I show that RDD estimates the information value of a diploma. A positive information value arises...
Persistent link: https://www.econbiz.de/10012929537
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Forecasting Random Walks Under Drift Instability
Pesaran, M. Hashem - 2011
This paper considers forecast averaging when the same model is used but estimation is carried out over different … estimation windows. It develops theoretical results for random walks when their drift and/or volatility are subject to one or … more structural breaks. It is shown that compared to using forecasts based on a single estimation window, averaging over …
Persistent link: https://www.econbiz.de/10012756639
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Demographic Structure and Macroeconomic Trends
Aksoy, Yunus; Basso, Henrique S.; Smith, Ron; Grasl, Tobias - 2021
The effect of changes in demographic structure on medium-run trends of key macroeconomic variables is estimated using a Panel VAR of 21 OECD economies. The panel data variability assists the identification of direct effects of demographics, while the dynamic structure uncovers long-term effects....
Persistent link: https://www.econbiz.de/10013315503
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Elite Education, Mass Education, and the Transition to Modern Growth
Strulik, Holger - 2015
We propose an innovation-driven growth model in which education is determined by family background and cognitive ability. We show that compulsory schooling can move a society from elite education to mass education, which then triggers market R&D. This means that our model rationalizes two...
Persistent link: https://www.econbiz.de/10013009852
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A Generalized Steady-State Growth Theorem
Irmen, Andreas - 2013
Uzawa's steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e. g., to create technical progress or to manufacture intermediates. The difference between aggregate final-good production and these resources is referred to as net output. The...
Persistent link: https://www.econbiz.de/10013072509
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Endogenous Capital-and Labor-Augmenting : Technical Change in the Neoclassical Growth Model
Irmen, Andreas - 2016
The determinants of the direction of technical change and their implications for economic growth and economic policy are studied in the one-sector neoclassical growth model of Ramsey, Cass, and Koopmans extended to allow for endogenous capital-and labor-augmenting technical change. We develop a...
Persistent link: https://www.econbiz.de/10013001160
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Steady-State Growth and the Elasticity of Substitution
Irmen, Andreas - 2021
In a neoclassical economy with endogenous capital- and labor-augmenting technical change the steady-state growth rate of output per worker is shown to increase in the elasticity of substitution between capital and labor. This confirms the assessment of Klump and de La Grandville (2000) that the...
Persistent link: https://www.econbiz.de/10013316247