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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Estimated human capital externalities in an endogenous growth framework |
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| Institution | CESifo |
| Series Name | CESifo Working Papers |
| Number | 7603 |
| ISSN | 2364‐1428 |
| Number of Pages | 43 |
| Date | 2019 |
| Abstract Text | 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. |
| Official URL | https://www.cesifo.org/en/publikationen/2019/working-paper/estimated-human-capital-externalities-endogenous-growth-framework |
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| Keywords | Human capital externalities, endogenous growth, Bayesian estimation |