المستودع الأكاديمي جامعة المدينة

Risky human capital investment, income distribution, and macroeconomic dynamics

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dc.creator Grossmann, Volker
dc.date 2003
dc.date.accessioned 2013-10-16T07:09:17Z
dc.date.available 2013-10-16T07:09:17Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/20191
dc.identifier ppn:377092835
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/20191
dc.description This paper analyzes the interaction between intergenerational wealth transmission, human capital investments under uninsurable labor income risk, and economic growth in a small open overlapping-generations economy with heterogeneous agents. It demonstrates how the role of the personal income distribution for an economy?s process of development through risky human capital accumulation depends on the shape of the saving function. Consistent with recent empirical evidence, the analysis suggests that the impact of higher inequality on the aggregate human capital stock, and thus, on growth may be positive. This result rests on two features of the model, which both are largely supported by empirical evidence. First, as shown under weak conditions, children?s human capital investments are positively affected by parents? income. Second, the marginal propensity to save is increasing in income.
dc.language eng
dc.publisher
dc.relation IZA Discussion paper series 955
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject O11
dc.subject O40
dc.subject I20
dc.subject ddc:330
dc.subject growth
dc.subject income distribution
dc.subject intergenerational transfers
dc.subject risky education
dc.subject saving function
dc.subject Bildungsinvestition
dc.subject Risiko
dc.subject Einkommensverteilung
dc.subject Privater Transfer
dc.subject Sparen
dc.subject Wirtschaftswachstum
dc.subject Overlapping Generations
dc.subject Theorie
dc.title Risky human capital investment, income distribution, and macroeconomic dynamics
dc.type doc-type:workingPaper


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