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Macroeconomic Effects of Public Education Expenditure

Author

Listed:
  • Konstantinos Angelopoulos
  • Jim Malley
  • Apostolis Philippopoulos

Abstract

This article studies the growth and welfare effects of public education spending in the USA for the post-war period. We calibrate a standard dynamic general equilibrium model, where human capital is the engine of long-run endogenous growth. Our results suggest that while increases in public education spending raise growth, these increases are not necessarily welfare promoting. Welfare gains however can be realized if increases in public education spending are accompanied by changes in the government tax-spending mix. (JEL codes: H52, E62) Copyright , Oxford University Press.

Suggested Citation

  • Konstantinos Angelopoulos & Jim Malley & Apostolis Philippopoulos, 2008. "Macroeconomic Effects of Public Education Expenditure," CESifo Economic Studies, CESifo Group, vol. 54(3), pages 471-498, September.
    • Handle: RePEc:oup:cesifo:v:54:y:2008:i:3:p:471-498
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    File URL: http://hdl.handle.net/10.1093/cesifo/ifn021
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    Cited by:

    1. Konstantinos Angelopoulos & Jim Malley & Apostolis Philippopoulos, 2008. "Welfare implications of public education spending rules," Working Papers 2008_37, Business School - Economics, University of Glasgow.
    2. Angelopoulos, Konstantinos & Malley, Jim & Philippopoulos, Apostolis, 2011. "The welfare implications of resource allocation policies under uncertainty: The case of public education spending," Journal of Macroeconomics, Elsevier, vol. 33(2), pages 176-192, June.
    3. Gómez Manuel A. & Neves Sequeira Tiago, 2012. "Phases of Economic Development: Do Initial Endowments Matter?," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-22, July.

    More about this item

    JEL classification:

    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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