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INTER‐TEMPORAL ALLOCATION OF HUMAN CAPITAL AND ECONOMIC PERFORMANCE
by
Hongchun Zhao
A Dissertation Presented to the
FACULTY OF THE USC GRADUATE SCHOOL
UNIVERSITY OF SOUTHERN CALIFORNIA
In Partial Fulfillment of the
Requirements for the Degree
DOCTOR OF PHILOSOPHY
(ECONOMICS)
August 2011
Copyright 2011 Hongchun Zhao
Object Description
| Title | Inter-temporal allocation of human capital and economic performance |
| Author | Zhao, Hongchun |
| Author email | hongchuz@usc.edu;zhcpku@gmail.com |
| Degree | Doctor of Philosophy |
| Document type | Dissertation |
| Degree program | Economics |
| School | College of Letters, Arts And Sciences |
| Date defended/completed | 2011-04-05 |
| Date submitted | 2011-05-27 |
| Date approved | 2011-05-27 |
| Restricted until | 2011-05-27 |
| Date published | 2011-05-27 |
| Advisor (committee chair) | Nugent, Jeff |
| Advisor (committee member) |
Imrohoroglu, Selo Ohanian, Lee Betts, Caroline Joines, Doug |
| Abstract | Differences in economic growth across countries have been substantial in history. Industrial countries have grown at a remarkably stable rate since 1870, but the growth rates of other countries have varied considerably. Why countries grow at divergent rates over time? Which countries will become industrial leaders in the twenty-first century, and what will their long term trends look like? I extend the “Business Cycle Accounting” framework of Chari, Kehoe and McGrattan (2007) to provide a platform for addressing these questions. Using the “Business Cycle Accounting” idea of Chari, Kehoe, and McGrattan (2007), I develop an accounting method that decomposes economic growth, and other endogenous variables of interest, into effects of exogenous wedges in a prototype economy. Furthermore, a number of endogenous growth theories can be shown to be equivalent to the prototype economy, with specific implications on wedges. Thus, potential theoretical explanations connect to the relevance of the various wedges, whose values are recoverable from available data. By using data for fifty countries, our results show that the wedge associated with the inter-temporal allocation of the broadly defined human capital, or the human capital investment wedge, is important in explaining growth. Based on this accounting method, an empirical testing procedure that fully explores a theory’s implications is applied to the US data. I choose two endogenous growth models which both are equivalent to the human capital investment wedge in the prototype economy, but imply different functional forms and determinants of the human capital wedge. One is a model on the openness to foreign direct investment by McGrattan and Prescott (2010), and the other is an international knowledge spillover model by Klenow and Rodriguez-Clare (2005). Results suggest that McGrattan and Prescott’s model is more consistent with data. |
| Keyword | human capital; growth accounting; prototype economy; macroeconomic model testing |
| Language | English |
| Part of collection | University of Southern California dissertations and theses |
| Publisher (of the original version) | University of Southern California |
| Place of publication (of the original version) | Los Angeles, California |
| Publisher (of the digital version) | University of Southern California. Libraries |
| Provenance | Electronically uploaded by the author |
| Type | texts |
| Legacy record ID | usctheses-m |
| Rights | Zhao, Hongchun |
| Access conditions | The author retains rights to his/her dissertation, thesis or other graduate work according to U.S. copyright law. Electronic access is being provided by the USC Libraries in agreement with the author, as the original true and official version of the work, but does not grant the reader permission to use the work if the desired use is covered by copyright. It is the author, as rights holder, who must provide use permission if such use is covered by copyright. The original signature page accompanying the original submission of the work to the USC Libraries is retained by the USC Libraries and a copy of it may be obtained by authorized requesters contacting the repository e-mail address given. |
| Repository name | University of Southern California Digital Library |
| Repository address | USC Digital Library, University of Southern California, University Park Campus MC 7002, 106 University Village, Los Angeles, California 90089-7002, USA |
| Repository email | cisadmin@usc.edu |
| Archival file | uscthesesreloadpub_Volume71/etd-ZhaoHongch-8-0.pdf |
Description
| Title | Page 1 |
| Full text | INTER‐TEMPORAL ALLOCATION OF HUMAN CAPITAL AND ECONOMIC PERFORMANCE by Hongchun Zhao A Dissertation Presented to the FACULTY OF THE USC GRADUATE SCHOOL UNIVERSITY OF SOUTHERN CALIFORNIA In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY (ECONOMICS) August 2011 Copyright 2011 Hongchun Zhao |
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