human capital formation by young households is constrained by the illiquidity of human wealth. Both endogenous and exogenous … physical capital formation may encourage human capital formation. Despite common technologies and perfect international … mobility of financial capital, the non- tradedness of human capital and the illiquidity of human wealth make for persistent …

perfect international capital mobility. Private consumption is derived from a three-period overlapping generations … specification. The source of productivity (growth) differentials in our model is the existence of a non-traded capital good ('human … capital') whose augmentation requires a non-traded current input (time spent by the young in education rather than leisure) We …

human capital formation by young households is constrained by the illiquidity of human wealth. Both endogenous and exogenous … physical capital formation may encourage human capital formation. Despite common technologies and perfect international … mobility of financial capital, the non- tradedness of human capital and the illiquidity of human wealth make for persistent …