MISMATCH IN HUMAN CAPITAL ACCUMULATION

• 成果类型: Article
• 署名作者: Cooper, Russell; Liu, Huacong
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; European University Institute; National Bureau of Economic Research; University of Hamburg
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12386
• 发表日期: 2019
• 页码: 1291-1328
• 关键词: borrowing constraints; credit constraints; returns; CHOICE; WEALTH; MODEL

摘要

This article studies the allocation of heterogeneous agents to levels of educational attainment. The goal is to understand the magnitudes and sources of mismatch in this assignment, both in theory and in the data. The article presents evidence of substantial mismatch between ability and educational attainment across 21 OECD countries, with a main focus on Germany, Italy, Japan, and the United States. Model parameters are estimated using a simulated method of moments approach. The main empirical finding is that measured mismatch arises largely from noise in test scores and does not reflect borrowing constraints. Taste shocks play a minor role in explaining mismatch.