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Type | Working Paper |
Scope | Discipline-based scholarship |
Title | Estimated human capital externalities in an endogenous growth framework |
Organization Unit | |
Authors |
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Language |
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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 |