| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3056 |
| DP3056 Do We Need Multi-Country Models to Explain Exchange Rate, Interest Rate and Bond Return Dynamics? | |
| Robert J Hodrick; Maria Vassalou | |
| 发表日期 | 2001-11-08 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | In this Paper we extend the standard human capital earnings function to include dispersion in the rate of return to schooling by treating the return as a random coefficient. One motivation is that if dipping further into the ability distribution has brought about the increase in supply of skilled workers. Alternatively if the expansion in post-compulsory education comes about through relaxed credit constraints then we might expect this to increase average ability in the pool of educated workers. Either event might lead to a rise in the variance in returns. Based on a sample of data from the United Kingdom our estimates suggest that neither the mean nor the dispersion in returns to schooling has altered significantly over time. This is consistent with educational expansion not leading to a disproportionate inflow of low ability individuals into the system. |
| 主题 | Labour Economics ; Public Economics |
| 关键词 | Return to schooling Random coefficients |
| URL | https://cepr.org/publications/dp3056 |
| 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/532085 |
| 推荐引用方式 GB/T 7714 | Robert J Hodrick,Maria Vassalou. DP3056 Do We Need Multi-Country Models to Explain Exchange Rate, Interest Rate and Bond Return Dynamics?. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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