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Working Paper
The poor, the rich and the enforcer: institutional choice and growth
Quintin, Erwan; Koeppl, Thorsten; Monnet, Cyril (2008)
We study economies where improving the quality of institutions ? modeled as improving contract enforcement ? requires resources, but enables trade that raises output by reducing the dispersion of marginal products of capital. We find that in this type of environment it is optimal to combine institutional building with endowment redistribution, and that more ex-ante dispersion in marginal products increases the incentives to invest in enforcement. In addition, we show that institutional investments lead over time to a progressive reduction in inequality. Finally, the framework we describe ...
Working Papers , Paper 0801

Working Paper
Why the Apple Doesn't Fall Far: Understanding Intergenerational Transmission of Human Capital
Devereux, Paul; Salvanes, Kjell; Black, Sandra E. (2004-07-01)
Parents with higher education levels have children with higher education levels. However, is this because parental education actually changes the outcomes of children, suggesting an important spillover of education policies, or is it merely that more able individuals who have higher education also have more able children? This paper proposes to answer this question with a unique data set from Norway. Using the reform of the education system that was implemented in different municipalities at different times in the 1960s as an instrument for parental education, we find little evidence of a ...
Working Paper Series , Paper 2004-12

Journal Article
To bear, or not to bear: is that an economics question?
Wall, Howard J.; Skiba, Paige M. (2001-07)
Weighing the costs vs. the benefits of having children may seem like a cold-blooded exercise. Yet such an analysis can help us understand not only such private decisions but public policies, too.
The Regional Economist , Issue Jul , Pages 10-11

Journal Article
Human capital and higher education: how does our region fare?
Schiller, Timothy G. (2008-01)
The number of people in a given state or region with a college education varies across the nation. States in the Third Federal Reserve District (Pennsylvania, New Jersey, and Delaware) compare favorably with the nation on measures of college education and the three states as a whole are close to the national average. Despite its average ranking in educational attainment, the area is a premier location for colleges and universities. In ?Human Capital and Higher Education: How Does Our Region Fare?? Tim Schiller evaluates the region?s standing with respect to college education by reviewing data ...
Business Review , Issue Q1 , Pages 16-26

Report
A quantitative analysis of the evolution of the U.S. wage distribution, 1970-2000
Guvenen, Fatih; Kuruscu, Burhanettin (2009)
In this paper, we construct a parsimonious overlapping-generations model of human capital accumulation and study its quantitative implications for the evolution of the U.S. wage distribution from 1970 to 2000. A key feature of the model is that individuals differ in their ability to accumulate human capital, which is the main source of wage inequality in this model. We examine the response of this model to skill-biased technical change (SBTC), which is modeled as an increase in the trend growth rate of the price of human capital starting in the early 1970s. The model displays behavior that is ...
Staff Report , Paper 427

Working Paper
On the aggregate and distributional implications of productivity differences across countries
Koreshkova, Tatyana; Restuccia, Diego; Erosa, Andres (2006)
We develop a quantitative theory of human capital with heterogeneous agents in order to assess the sources of cross-country income differences. The cross-sectional implications of the theory and U.S. data are used to restrict the parameters of human capital technology. We then assess the model's ability to explain the cross-country data. Our quantitative model generates a total-factor-productivity (TFP) elasticity of output per worker of 2.8. This implies that a factor of 3 difference in TFP is amplified through physical and human capital accumulation to generate a factor of 20 difference in ...
Working Paper , Paper 06-02

Speech
Unrealized gains: investing in our region's economic and human capital potential
Harker, Patrick T. (2015-11-04)
President Patrick T. Harker discusses investing in our region?s economic and human capital potential at Capital for Communities: Pay for Success Financing, a conference hosted by the Philadelphia Fed's Community Development Studies & Education Department.
Speech , Paper 112

Working Paper
Human Capital and Technology Diffusion
Benhabib, Jess; Spiegel, Mark M. (2002-12-09)
This paper generalizes the Nelson-Phelps catch-up model of technology diffusion. We allow for the possibility that the pattern of technology diffusion can be exponential, which would predict that nations would exhibit positive catch-up with the leader nation, or logistic, in which a country with a sufficiently small capital stock may exhibit slower total factor productivity growth than the leader nation. ; We derive a nonlinear specification for total factor productivity growth that nests these two specifications. We estimate this specification for across-section of nations from 1960 through ...
Working Paper Series , Paper 2003-02

Journal Article
Human capital investment and economic growth: new routes in theory address old questions
Tallman, Ellis W. (1992-09)
Economic Review , Issue Sep , Pages 1-12

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