El efecto del capital humano sobre el crecimiento: ¿ Importa el periodo muestral?
AbstractThis paper presents the results of an empirical estimation of a production function that includes human capital for the Spanish economy using annual data covering the 1910-1995 period. Using recent cointegration techniques that allow the existence of long-run equilibrium relationships when it is not known with certainty whether the regressors are purely I(o), purely I(1) or mutually cointegrated, we obtain a positive, but not significant coefficient for human capital. Nevertheless, a test for structural test in the long-run relationship does find evidence of structural change in 1964. Therefore, we test for cointegration also for the 1910-1964 and 1965-1995 sub-periods. For the latter, the results suggest the existence of a long-run relationship among output, physical capital, human capital and labour, being all the estimated coefficients positive and statistically significant.
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