Human Capital and Business Cycle Persistence

Roberto Perli and Plutarchos Sakellaris

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Abstract: In this paper we show that a two sector model with human capital is able to generate persistence in output growth comparable to that observed in the postwar U.S. data. The key feature is a relatively low elasticity of substitution between human capital and raw labor in the production of human capital.

Date: 1996-01
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Persistent link: https://EconPapers.repec.org/RePEc:wop:pennhp:_044

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