منابع مشابه
Imperfect Capital Markets and Nominal Wage Rigidities
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...
متن کاملIdentifying Human-Capital Externalities: Theory with Applications
The identification of aggregate human-capital externalities is still not fully understood. The existing (Mincerian) approach confounds positive externalities with wage changes due to a downward sloping demand curve for human capital. As a result, the Mincerian approach yields positive externalities even when wages equal marginal social products. We propose an approach that identifies human-capi...
متن کاملEnvironmental Externalities and Cost of Capital
I analyze the impact of a firm’s environmental profile on its cost of equity and debt capital. Using implied cost of capital derived from analysts’ earnings estimates, I find that investors demand significantly higher expected returns on stocks excluded by environmental screens (such as hazardous chemical, substantial emissions and climate change concerns) compared to firms without such environ...
متن کاملMobile Capital, Local Externalities and Industrialization1
This paper seeks to understand how industrialization is distributed geographically when capital is mobile and labor is not. A stylized model of a spatial economy is constructed where individuals not employed in industry work in traditional activities. Results show that convergence across locations is characterized by a succession of catching-up episodes. One one location at a time industrialize...
متن کاملHuman Capital and Externalities in Cities
We combine growth theory with US Census data on individual schooling and wages to estimate the aggregate return to human capital and human capital externalities in cities. Our estimates imply that a one-year increase in average schooling in cities increases their aggregate labor productivity by 8 to 11 percent. We find no evidence for aggregate human capital externalities in cities however. Our...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2013
ISSN: 1556-5068
DOI: 10.2139/ssrn.2223790