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Working Paper
Understanding productivity: lessons from longitudinal microdata
Doms, Mark; Bartelsman, Eric J. (2000)
This paper reviews research that uses longitudinal microdata to document productivity movements and to examine factors behind productivity growth. The research explores the dispersion of productivity across firms and establishments, the persistence of productivity differentials, the consequences of entry and exit, and the contribution of resource reallocation across firms to aggregate productivity growth. The research also reveals important factors correlated with productivity growth, such as managerial ability, technology use, human capital, and regulation. The more advanced literature in ...
Finance and Economics Discussion Series , Paper 2000-19

Working Paper
Human capital and economic development
Tamura, Robert (2002)
This paper develops a general equilibrium model of fertility and human capital investment under uncertainty. Uncertainty exists in the form of a probability that a young adult does not survive to old age. Parents maximize expected utility arising from own consumption, their fertility, and the discounted utility of future generations. There exists a precautionary demand for children. Young adult mortality is negatively related to the average human capital of young adults. Therefore, rising human capital leads to falling mortality, which eventually induces a demographic transition and an ...
FRB Atlanta Working Paper , Paper 2002-5

Working Paper
Tax reform with useful public expenditures
Cassou, Steven P.; Lansing, Kevin J. (2004)
This paper examines the economic effects of tax reform in an endogenous growth model that allows for two types of useful public expenditures; one type contributes to human capital information while the other provides direct utility to households. We show that the optimal fiscal policy calls for full expensing of private investment which shifts the tax base to private consumption. The efficient levels of public investment and public consumption relative to output are uniquely pinned down by parameters that govern both technology and preferences. In general, implementing the optimal fiscal ...
Working Papers in Applied Economic Theory , Paper 98-09

Report
A Welfare Analysis of Occupational Licensing in U.S. States
Soltas, Evan J.; Kleiner, Morris M. (2019-10-15)
We assess the welfare consequences of occupational licensing for workers and consumers. We estimate a model of labor market equilibrium in which licensing restricts labor supply but also affects labor demand via worker quality and selection. On the margin of occupations licensed differently between U.S. states, we find that licensing raises wages and hours but reduces employment. We estimate an average welfare loss of 12 percent of occupational surplus. Workers and consumers respectively bear 70 and 30 percent of the incidence. Higher willingness to pay offsets 80 percent of higher prices for ...
Staff Report , Paper 590

Journal Article
Can young Americans compete in a global economy?
Cascio, Elizabeth (2008)
Young Americans have to compete for jobs not only with other Americans but also with qualified job-seekers worldwide. Are they ready for the challenge? This Letter sheds new light on the question by analyzing data from the International Adult Literacy Survey (IALS).
FRBSF Economic Letter

Journal Article
Human capital and higher education: how does our region fare?
Schiller, Timothy G. (2008-01)
The number of people in a given state or region with a college education varies across the nation. States in the Third Federal Reserve District (Pennsylvania, New Jersey, and Delaware) compare favorably with the nation on measures of college education and the three states as a whole are close to the national average. Despite its average ranking in educational attainment, the area is a premier location for colleges and universities. In ?Human Capital and Higher Education: How Does Our Region Fare?? Tim Schiller evaluates the region?s standing with respect to college education by reviewing data ...
Business Review , Issue Q1 , Pages 16-26

Speech
Address to the New College class of 2010
Dudley, William (2010)
Remarks at the New College of Florida 44th Annual Commencement, Sarasota, Florida.
Speech , Paper 23

Report
In search of scale effects in trade and growth
Backus, David K.; Kehoe, Timothy J.; Kehoe, Patrick J. (1992)
We look for the scale effects predicted by some theories of trade and growth based on the dynamic returns to scale that arise from learning by doing, investment in human capital, or development of new products. We find little empirical evidence of a relation between the growth rate of GDP per capita and the measures of scale implied by the theory. Restricting attention to the manufacturing sector, however, we find a significant relation between the growth rate of output per worker and the relevant scale variables. We also find that growth rates are significantly related to measures of ...
Staff Report , Paper 152

Working Paper
The system of national accounts and alternative economic perspectives
Nakamura, Leonard I.; Nakamura, Alice O. (2015-09-01)
Brent Moulton and Nicole Mayerhauser (2015) point out that, for more than 50 years, economists have featured the concept of human capital in their models of labor, growth, productivity, and distribution of income. The authors recommend the addition to the System of National Accounts (SNA) of supplemental person-level accounts: i.e., a System of Person Accounts (SPA). They see this as the best way of recognizing the processes of human capital creation as well as related issues of how income is distributed among individuals and families. The authors argue that this change would support three ...
Working Papers , Paper 15-32

Speech
Unrealized gains: investing in our region's economic and human capital potential
Harker, Patrick T. (2015-11-04)
President Patrick T. Harker discusses investing in our region?s economic and human capital potential at Capital for Communities: Pay for Success Financing, a conference hosted by the Philadelphia Fed's Community Development Studies & Education Department.
Speech , Paper 112

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