By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky
This can be the second one of 3 volumes containing edited models of papers and commentaries provided in invited symposium periods of the 8th global Congress of the Econometric Society. The papers summarize and interpret contemporary key advancements and talk about destiny instructions in a variety of themes in economics and econometrics. The papers hide either concept and functions. Written via best experts of their fields those volumes supply a distinct survey of growth within the self-discipline.
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Additional resources for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume II (Econometric Society Monographs)
Consider an economy populated by overlapping generations (OLG) dynasties indexed by i who spend some amount of time ν working and the remainder 1 − ν passing on education to their single child. 16) reﬂecting an inherited portion as given by h it (the parent’s human capital) and an unpredictable portion given by an iid shock ξti . The shock is assumed to be distributed lognormally such that ln ξti ∼ N (−s 2 /2, s 2 ) and thus E(ξti ) = 1. Formal schooling, E ti , is the other input into the production of next period’s human capital.
G. Mailath, and A. Postlewaite (1992), “Social Norms, Savings Behavior, and Growth,” Journal of Political Economy, C, 1092–1125. , et al. S. Government Printing Ofﬁce. Cooper, S. (1998), “A Positive Theory of Income Redistribution,” Journal of Economic Growth, 3, 171–195. de Bartolome, C. (1990), “Equilibrium and Inefﬁciency in a Community Model with Peer Group Effects,” Journal of Political Economy, 98(1), 110–133. de Bartolome, C. (1997), “What Determines State Aid to School Districts? A Positive Model of Foundation Aid as Redistribution,” Journal of Policy Analysis and Management, 16, 32–47.
To set α, we draw upon two pieces of information. The ﬁrst is the price elasticity of expenditures on education. In our model this can be computed at the equilibrium price (in terms of the consumption good), which here has been set to 1. 25, yielding α between −1 and −2. The second is from Fern´andez and Rogerson (1999a), who model a foundation education-ﬁnance system and use it to match the distribution of spending per student in California prior to the Serrano reform. 2. One of the main questions we are interested in asking is whether a local system will outperform a state system.