Human Capital, Growth, and Asset Prices

Fabian Goessling

No 6918, CQE Working Papers from Center for Quantitative Economics (CQE), University of Muenster

Abstract: Human capital investment is one of the most important drivers of growth. In this paper, I enhance the endogenous growth model of Kung and Schmid (2015) by an educational choice decision of the household. The engine of growth in the extended model is a composite of firm-side R&D capital stock and a household-side human capital stock. As households are able to allocate their time to labor, leisure and educational activities, the model allows to simultaneously study labor and education choices. The parameters of the non-linear model can be estimated by advanced Bayesian methods, allowing to study the return on human capital conditional on the data.

Keywords: Asset Pricing; Endogenous Growth; Human Capital; Bayesian Estimation (search for similar items in EconPapers)
JEL-codes: E23 G12 I26 J24 O24 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2018-02
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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