Estimated human capital externalities in an endogenous growth framework

Arbeitspapier

To better understand the quantitative implications of human capital externalities at the aggregate level, we estimate a two-sector endogenous growth model with knowledge spill-overs. To achieve this, we account for trend growth in a model consistent fashion and employ a Markov-chain Monte-Carlo (MCMC) algorithm to estimate the model's posterior parameter distributions. Using U.S. quarterly data from 1964-2017, we find significant positive externalities to aggregate human capital. Our analysis further shows that eliminating this market failure leads to sizeable increases in education-time, endogenous growth and aggregate welfare.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 7603

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Bayesian Analysis: General ; Model Evaluation, Validation, and Selection ; Business Fluctuations; Cycles
• Thema: human capital externalities ; endogenous growth ; Bayesian estimation

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Malley, Jim ; Woitek, Ulrich
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2019

Weitere Informationen

• Handle: http://hdl.handle.net/10419/198963
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ