Human Capital and Growth Cycles |
| |
Authors: | Leo Kaas Stefan Zink |
| |
Institution: | (1) Department of Economics, University of Konstanz, 78457 Konstanz, Germany |
| |
Abstract: | This paper studies the dynamic interaction between human capital accumulation and economic growth. Capital market imperfections
and an indivisibility in human capital investment prevent poor agents from accumulating skills, the acquisition of which positively
affects technological progress. More productive technologies in turn require more sophisticated qualification and involve
higher training costs. The equilibrium dynamics can be characterized by the joint evolution of productivity growth, the schooling
costs, and the income distribution. Under our assumptions, individual incomes follow a non-linear Markov chain. This non-linearity
generates endogenous fluctuations of schooling activities and the rate at which productivity improvements occur.
We thank an anonymous referee for many helpful suggestions. Support from the German Research Foundation (DFG) under grant
KA1519/2-2 is gratefully acknowledged. |
| |
Keywords: | Human capital accumulation Income distribution Capital market imperfection Endogenous growth Cycles |
本文献已被 SpringerLink 等数据库收录! |
|