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El efecto del capital humano sobre el crecimiento: ¿ Importa el periodo muestral?

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  • Simón Sosvilla-Rivero
  • Javier Alonso Meseguer

Abstract

This 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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Paper provided by FEDEA in its series Working Papers with number 2003-22.

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Handle: RePEc:fda:fdaddt:2003-22

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  1. Donald W.K. Andrews, 1988. "Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation," Cowles Foundation Discussion Papers 877R, Cowles Foundation for Research in Economics, Yale University, revised Jul 1989.
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  6. de la Fuente, Angel & Doménech, Rafael, 2002. "Human Capital in Growth Regressions: How Much Difference Does Data Quality Make? An Update and Further Results," CEPR Discussion Papers 3587, C.E.P.R. Discussion Papers.
  7. Ben S. Bernanke & Refet S. Gürkaynak, 2002. "Is Growth Exogenous? Taking Mankiw, Romer, and Weil Seriously," NBER Chapters, in: NBER Macroeconomics Annual 2001, Volume 16, pages 11-72 National Bureau of Economic Research, Inc.
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  9. Peter C.B. Phillips & Pierre Perron, 1986. "Testing for a Unit Root in Time Series Regression," Cowles Foundation Discussion Papers 795R, Cowles Foundation for Research in Economics, Yale University, revised Sep 1987.
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  11. Bardsen, Gunnar, 1989. "Estimation of Long Run Coefficients in Error Correction Models," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 51(3), pages 345-50, August.
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  14. Sanghoon Ahn & Philip Hemmings, 2000. "Policy Influences on Economic Growth in OECD Countries: An Evaluation of the Evidence," OECD Economics Department Working Papers 246, OECD Publishing.
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Cited by:
  1. José A. Herce, . "Could this ever happen in Spain? Economic and policy aspects of a SARS-like episode," Working Papers 2004-09, FEDEA.
  2. Simón Sosvilla Rivero & Oscar Bajo Rubio & Carmen Díaz Roldán, . "Sobre la efectividad de la política regional comunitaria: El caso de Castilla-la Mancha," Studies on the Spanish Economy 178, FEDEA.

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