Real Business Cycles with a Human Capital Investment Sector and Endogenous Growth: Persistence, Volatility and Labor Puzzles

Arbeitspapier

An identical two-sector productivity shock causes Rybczynski (1955) and Stolper and Samuelson (1941) effects that release leisure time and initially raise the relative price of human capital investment so as to favor it over goods production. Modified by having the household sector produce human capital investment sector, the RBC model follows the international approach of Maffezzoli (2000) and so adds a second sector relative to Jones et al. (2005). This captures key major US RBC data: output growth persistence, with hump-shaped impulse responses; hump-shaped physical capital investment impulse responses; Gali's (1999) negative impulse response of labour supply; and hours volatility.

Angaben zum Objekt

• ISBN: 978-615-5024-65-8
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IEHAS Discussion Papers ; No. MT-DP - 2011/28

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Business Fluctuations; Cycles ; One, Two, and Multisector Growth Models
• Thema: real business cycle ; human capital ; endogenous growth ; Real-Business-Cycle-Theorie ; Produktivität ; Schock ; Qualifikation ; Arbeitsangebot ; Arbeitszeit ; Endogenes Wachstumsmodell ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Dang, Jing ; Gillman, Max ; Kejak, Michal
• Ereignis: Veröffentlichung
• (wer): Hungarian Academy of Sciences, Institute of Economics
• (wo): Budapest
• (wann): 2011

Weitere Informationen

• Handle: http://hdl.handle.net/10419/108238
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ