Human capital formation and business cycle persistence

• 成果类型: Article
• 署名作者: Perli, R; Sakellaris, P
• 署名单位: University of Pennsylvania; University System of Maryland; University of Maryland College Park
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(98)00011-7
• 发表日期: 1998
• 页码: 67-92
• 关键词: Human capital; equilibrium business cycles; persistence; low elasticity of substitution

摘要

In this paper we examine the role of the formation of human capital in propagating shocks over the business cycle. We show that a two-sector equilibrium business cycle model with human capital is able to generate persistence in the growth of output and other aggregate variables comparable to that observed in the post-war US data. A key feature is the relatively low elasticity of substitution between skilled and unskilled labor in the production of human capital. (C) 1998 Elsevier Science B.V. All rights reserved.