| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1923 |
| DP1923 Dispersion and Volatility in Stock Returns: An Empirical Investigation | |
| John Y Campbell; Martin Lettau; Sangjoon Kim | |
| 发表日期 | 1998-08-31 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | We study the evolution of an educational system which is founded on a hierarchical differentiation between technical and general education, with a superior social status attached to general. The resulting dynamic political equilibrium is best summarized by the ratio of vocational to general education, which we interpret as a measure of the degree of stratification of the educational system. We show that this ratio first rises and then declines with the level of development, displaying an inverted U-shape which reflects the complex interaction between economic and political forces, including aggregate income growth, wealth inequality and political participation. We predict that developing countries will tend to overinvest in vocational education at the expense of general. |
| 主题 | International Macroeconomics |
| 关键词 | General education Growth Income distribution Politics Social status Technical education |
| URL | https://cepr.org/publications/dp1923 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531074 |
| 推荐引用方式 GB/T 7714 | John Y Campbell,Martin Lettau,Sangjoon Kim. DP1923 Dispersion and Volatility in Stock Returns: An Empirical Investigation. 1998. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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