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Optimal accumulation in an endogenous growth setting with human capital

Frédéric Docquier, Oliver Paddison, Pierre Pestieau
2007 Journal of Economic Theory  
ABSTRACT Optimal Accumulation in an Endogenous Growth Setting with Human Capital * This paper considers a three-overlapping-generations model of endogenous growth wherein human capital is the engine of  ...  It first contrasts the laissez-faire and the optimal solutions. Three possible accumulation regimes are distinguished.  ...  In this paper we analyze the optimal path of accumulation in such an endogenous growth setting and compare it to the market allocation.  ... 
doi:10.1016/j.jet.2006.03.008 fatcat:hgt5m43u7vhyrfysgawmvys6au

Human capital, inequality, endogenous growth and educational subsidy: A theoretical analysis

Bidisha Chakraborty, Manash Ranjan Gupta
2009 Research in Economics  
This paper develops an endogenous growth model with dualism in human capital accumulation of two types of individuals.  ...  We find out the properties of the optimal tax financed educational subsidy policy in the semi-stationary equilibrium of the model using the technique of Stackelberg differential game.  ...  The present paper develops an endogenous growth model of an economy in which the human capital accumulation is viewed as the source of economic growth and in which dualism exists in the mechanism of human  ... 
doi:10.1016/j.rie.2009.03.001 fatcat:npmsthls2jgq7i3hsw7qq3k3te

Allocation of Time, Human Capital and Endogenous Growth [chapter]

Mario Baldassarri
2017 The European Roots of the Eurozone Crisis  
With regard to the first styiized fact, a neoclassical model predicts zero rate of growth of per capita income, capital and consurnption, due to decreasing returns in the r6producible factors; therefore  ...  This new line of research succeeds in explaining some stylized facts that a neoclassical growth theory (1) model could not dea1 with.  ...  We s h d prove our assertion for two classes of models (5): endogenous growth with hurnan capital accurnulation (Lucas [6], section 2) and endogenous growth with externalities (Romer [9], section 3) (6  ... 
doi:10.1007/978-3-319-58080-7_5 fatcat:mtizgbgafzgmdmjhcc3rbnqnau

Exogenous and Endogenous Growth Models: a Critical Review

Themba G. Chirwa, Nicholas M. Odhiambo
2018 Comparative Economic Research  
The key determinants include knowledge, human capital, and research and development.  ...  Within the endogenous growth models, there are two notions that are propagated.  ...  The Lucas (1988) human capital growth model has two solutions to solve: an optimal path and an equilibrium path.  ... 
doi:10.2478/cer-2018-0027 fatcat:ssgia5blyzcw3frhzckwetcbva

Business cycles in a two-sector model of endogenous growth

Erik Canton
2002 Economic Theory  
Human capital is a hedge against future income uncertainty. Hence, the rate of economic growth will be higher in a stochastic environment.  ...  This paper analyzes the impact of cyclical volatility on endogenous growth: does growth increase or decrease with increased cyclical volatility?  ...  From the expression for the balanced growth rate it then directly follows that the asymmetry towards human capital accumulation goes along with an increase in research activity and in the rate of economic  ... 
doi:10.1007/s001990000151 fatcat:hra5k3nadjbazeya4j26nwemy4

Human capital, externalities and growth in an overlapping generations model

D. Gaumont, D. Leonard
2010 Research in Economics  
We consider an overlapping generations model with endogenous labor supplies by young and old and a human capital accumulation process that relies on the interaction of these two types of labor.  ...  The long run rate of growth depends entirely on human capital but we find this to be of little relevance.  ...  In the other case human capital accumulation again dominates.  ... 
doi:10.1016/j.rie.2010.04.001 fatcat:ydsgiaiohfbuhj6mjqzfmi32dy

Policy reforms and growth in computable OLG economies

Mohamed Bouzahzah, David De la Croix, Frédéric Docquier
2002 Journal of Economic Dynamics and Control  
In this purpose, we simulate four large policy changes and compare the predictions with endogenous growth (under various parameter sets) to those with exogenous growth.  ...  function of human capital.  ...  Endogenous growth arises in the model thanks to the accumulation of human capital through education.  ... 
doi:10.1016/s0165-1889(01)00023-9 fatcat:3oliqegobben5pztuzkmwawhci

Education policy, growth and welfare

Nikos Benos
2008 Education Economics  
The optimal division of public spending between the education policy instruments and the associated tax rate depend on the elasticities of human capital accumulation with regard to vouchers and public  ...  This paper studies the general equilibrium implications of two types of education policy in an overlapping generations model.  ...  Furthermore, A (total factor productivity of human capital accumulation) is set such that the annual growth rate is positive. Initial (period 0) human capital (h 0 ) was set arbitrarily.  ... 
doi:10.1080/09645290802500263 fatcat:bed2nacqorgidh57nsg2jpacfi

Taxation, risk-taking and growth: a continuous-time stochastic general equilibrium analysis with labor-leisure choice

Turalay Kenc
2004 Journal of Economic Dynamics and Control  
We extend the investment opportunity set of individuals through optimally determined human capital; and distinguish intertemporal substitution from attitudes towards risk via a recursive utility function  ...  In the presence of these extensions, the paper successfully derives a closed-form solution to the stochastic growth model with stochastic wage income. ?  ...  First, we explore the interaction between taxation, risk-taking and capital accumulation in a model with labor supply exibility.  ... 
doi:10.1016/j.jedc.2003.10.001 fatcat:qm4h43dwn5hslbe2ed5nhd27yi

The Influence of Learning by Doing Effect and the Accumulation of Human Capital on Economic Growth

Chia-Yang Ning, Hsien-Yu Shun
2021 Open Journal of Social Sciences  
Based on Lucas (1988) human capital model, our paper introduces Romer (1986) the concept of learning by doing and tries to establish an endogenous growth model under a closed economic system, so as to  ...  explore the impact on the long-term economic growth rate under the consideration of learning by doing effect and human capital accumulation.  ...  According to these settings to establish an endogenous growth model under a closed economic system, we assume that the members of the system are only composed of representative household with infinitely  ... 
doi:10.4236/jss.2021.910033 fatcat:khuzmxrnqbbt7brng7ttxvfq4i

HUMAN CAPITAL AND INNOVATION IN A MONETARY SCHUMPETERIAN GROWTH MODEL

Angus C. Chu, Lei Ning, Dongming Zhu
2017 Macroeconomic Dynamics  
This study explores the growth and welfare effects of monetary policy in a scale-invariant Schumpeterian growth model with endogenous human capital accumulation.  ...  We find that an increase in the nominal interest rate leads to a decrease in R&D and human capital investment, which, in turn, reduces the long-run growth rates of technology and output.  ...  However, in the case of endogenous human capital accumulation, an increase in the nominal interest rate reduces the long-run growth rates of technology, human capital and output.  ... 
doi:10.1017/s1365100517000487 fatcat:sbvr3jr5orbebdlm5rl7zgwxx4

Financial deepening in a two-sector endogenous growth model with productivity heterogeneity

Quoc Hung Nguyen
2019 The B.E. Journal of Macroeconomics  
This paper studies the effects of financial deepening and fiscal policy on human capital formation, working hours and growth in a model with financial frictions and productivity heterogeneity.  ...  The paper first shows that in the range of capital tax rates that attains a balanced growth path, taxation exerts inverted U-shaped effects on growth.  ...  the impacts of financial deepening in a tractable two-sector endogenous growth model with human capital accumulation. 2.5) subject to the budget constraint (2.7), which can now be rewrittenas:ȧ = [λ  ... 
doi:10.1515/bejm-2019-0039 fatcat:ifdjl7hssjektjw4ojv66fsur4

Terms of trade, economic growth, and trade patterns: a small open-economy case

Akihiko Kaneko
2000 Journal of International Economics  
By incorporating human capital accumulation into a dynamic trade model, we examine the relationship between the growth rate and the specialization pattern of a growing economy.  ...  Specifically, if a country specializes in a capital commodity, the growth rate is unaffected by the terms of trade.  ...  Human capital accumulation is the engine of growth.  ... 
doi:10.1016/s0022-1996(99)00052-5 fatcat:isw6puhqjrhtfk6o5xagcsw4i4

The transition from dirty to clean industries: optimal fiscal policy and the environmental Kuznets curve

Steven P. Cassou, Stephen F. Hamilton
2004 Journal of Environmental Economics and Management  
This paper investigates privately and socially optimal patterns of economic development in a two-sector endogenous growth model with clean and dirty goods.  ...  In this policy setting, three conditions produce an Environmental Kuznets Curve (EKC): (i) dirty output is bounded; (ii) clean output grows endogenously; and (iii) growth in the dirty sector reduces growth  ...  In each sector, production is augmented by the accumulation of human capital.  ... 
doi:10.1016/j.jeem.2003.11.007 fatcat:bprpc2d52bb25ja6jcepm2pgou

Public Policy and Economic Growth: Developing Neoclassical Implications

Robert G. King, Sergio Rebelo
1990 Journal of Political Economy  
This paper examines the hypothesis that the answer lies in differences in national public policies which affect the incentives that individuals have to accumulate capital in both its physical and human  ...  on human capital formation.  ...  Following Rosen [1976) and Beckman [1976] , we discuss optimal individual accumulation of human capital and the influence of various taxes on optimal accumulation.  ... 
doi:10.1086/261727 fatcat:vjwuyej7dnhwdfkkczndx2syxi
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