To better understand the quantitative implications of human capital externalities at the aggregate level, we estimate a … distributions. Using U.S. quarterly data from 1964-2017, we find significant positive externalities to aggregate human capital. Our …

endogenize the demand and supply of skills. We explicitly introduce the costs and externalities in education, and examine how … demand: the complementarity between technology and skilled and unskilled labor. Our results identify parameters that are …