This paper studies hours worked volatility and the cyclicality of human capital investments by embedding a Ben-Porath life-cycle model of human capital accumulation into an RBC setting. Agents differ across two dimensions: age and productivity in learning. Our results show that individuals...

This paper applies the Blanchard overlapping generations model to examine the effects of inter-generational redistribution on aggregate growth. The results reveal that whether or not a change in policy causes growth rates to rise or fall depends in part on whether the government has chosen to...

This paper studies the cyclicality of human capital accumulation by using a lifecycle RBC model with two types of heterogeneity: age and productivity in learning. Results show that individuals invest more in human capital during economic downturns. In particular, schooling acts as a buffer...

The primary objective of this article is to present a framework with which to analyze development and long-run growth in a small economy. The model that is constructed can be summarized as an open economy version of the Solow-Swan growth model, in which productivity growth is embodied within the...

A dynamic general equilibrium model is constructed and used to identify sources of total factor productivity growth in Canada and to quantify their importance. The model also provides procedures for constructing measures of technological progress. We find that periods of low productivity growth...

This paper applies the Blanchard overlapping generations model to examine the effects of inter-generational redistribution on aggregate growth. The results reveal that whether or not a change in policy causes growth rates to rise or fall depends in part on whether the government has chosen to...

This article attempts to explain the large and persistent disparities in levels of output per worker across countries. It is argued that an explanation for these disparities requires an understanding of the relationship between knowledge and technology. The model that is constructed can be...