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Constrained Efficiency in a Human Capital Model
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DOI：10.1257/mac.20160405.png)
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摘要
En 中文
This paper investigates whether capital and human capital are over-accumulated in an incomplete market economy. As in Davila et al. (2012), whether capital is over-accumulated depends on how the pecuniary externalities affect insurance and redistribution. In a human capital economy, however, not only capital but also human capital generates externalities and an additional channel arises that has implications for the overaccumulation (under-accumulation) of capital (human capital). The income sources of the poor and the correlation between wealth and human capital are crucial for the implication of pecuniary externalities. Realistically calibrated models exhibit under-accumulation (overaccumulation) of capital (human capital).
Keyword:
OPTIMAL TAXATION
EDUCATION SUBSIDIES
GENERAL EQUILIBRIUM
UNINSURABLE RISKS
STOCK-MARKET
LIFE-CYCLE
ACCUMULATION
INEFFICIENCY
DYNAMICS
EARNINGS
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论文数:
1.4K
被引数:
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