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Optimal Human Capital Policies

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  • Marek Kapicka

    (UC Santa Barbara)

  • Radim Bohacek

    (CERGE-EI)

Abstract

We calibrate the model to the U.S. economy in order to quantify these policies and evaluate their impact in the transition and in the steady state. We find that, when the optimal schooling policies are implemented jointly with the optimal income taxes then they are negligible and their effect is small. If, however, the income taxes are not set optimally then the optimal schooling subsidies are relatively large and have significant aggregate effects.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2007 Meeting Papers with number 464.

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Date of creation: 2007
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Handle: RePEc:red:sed007:464

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References

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  1. Borys Grochulski & Tomasz Piskorski, 2006. "Optimal Wealth Taxes with Risky Human Capital," 2006 Meeting Papers 59, Society for Economic Dynamics.
  2. Lans Bovenberg, A. & Jacobs, Bas, 2005. "Redistribution and education subsidies are Siamese twins," Journal of Public Economics, Elsevier, vol. 89(11-12), pages 2005-2035, December.
  3. Mark Huggett, 2003. "Human Capital and Earnings Distribution Dynamics," Working Papers gueconwpa~03-03-10, Georgetown University, Department of Economics.
  4. Browning, Martin & Hansen, Lars Peter & Heckman, James J., 1999. "Micro data and general equilibrium models," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 8, pages 543-633 Elsevier.
  5. Mikhail Golosov & Narayana Kocherlakota & Aleh Tsyvinski, 2003. "Optimal Indirect and Capital Taxation," Review of Economic Studies, Wiley Blackwell, vol. 70(3), pages 569-587, 07.
  6. Stefania Albanesi & Christopher Sleet, 2004. "Dynamic optimal taxation with private information," Discussion Paper / Institute for Empirical Macroeconomics 140, Federal Reserve Bank of Minneapolis.
  7. Trostel, Philip A, 1993. "The Effect of Taxation on Human Capital," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 327-50, April.
  8. J. A. Mirrlees, 1976. "Optimal Tax Theory: A Synthesis," Working papers 176, Massachusetts Institute of Technology (MIT), Department of Economics.
  9. Narayana Kocherlakota, 2004. "Zero Expected Wealth Taxes: A Mirrlees Approach to Dynamic Optimal Taxation," Levine's Bibliography 122247000000000729, UCLA Department of Economics.
  10. Iván Werning, 2007. "Optimal Fiscal Policy with Redistribution," The Quarterly Journal of Economics, MIT Press, vol. 122(3), pages 925-967, 08.
  11. Paul Milgrom & Ilya Segal, 2002. "Envelope Theorems for Arbitrary Choice Sets," Econometrica, Econometric Society, vol. 70(2), pages 583-601, March.
  12. Taber Christopher, 2002. "Tax Reform and Human Capital Accumulation: Evidence from an Empirical General Equilibrium Model of Skill Formation," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 2(1), pages 1-38, October.
  13. A. Lans Bovenberg & Bas Jacobs, 2005. "Redistribution and Education Subsidies are Siamese Twins," Tinbergen Institute Discussion Papers 05-036/3, Tinbergen Institute.
  14. Mirrlees, James A, 1971. "An Exploration in the Theory of Optimum Income Taxation," Review of Economic Studies, Wiley Blackwell, vol. 38(114), pages 175-208, April.
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Cited by:
  1. Dan Anderberg, 2009. "Optimal Policy and the Risk-Properties of Human Capital Reconsidered," 2009 Meeting Papers 166, Society for Economic Dynamics.
  2. Christian Ferreda & Matías Tapia, 2010. "Redistributive Taxation, Incentives, and the Intertemporal Evolution of Human Capital," Documentos de Trabajo 390, Instituto de Economia. Pontificia Universidad Católica de Chile..
  3. Bas Jacobs & A. Lans Bovenberg, 2011. "Optimal Taxation of Human Capital and the Earnings Function," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 13(6), pages 957-971, December.
  4. Nicholas Lawson, 2014. "Liquidity Constraints, Fiscal Externalities and Optimal Tuition Subsidies Optimal College Tuition Subsidies," AMSE Working Papers 1404, Aix-Marseille School of Economics, Marseille, France, revised 18 Mar 2014.
  5. Dominik Sachs & Sebastian Findeisen, 2012. "Education and Optimal Dynamic Taxation," 2012 Meeting Papers 365, Society for Economic Dynamics.
  6. Sebastian Findeisen & Dominik Sachs, 2011. "Education and optimal dynamic taxation: The role of income-contingent student loans," ECON - Working Papers 040, Department of Economics - University of Zurich, revised Sep 2012.
  7. Gradstein, Mark, 2010. "Social Insurance, Education, and Work Ethics," CEPR Discussion Papers 7838, C.E.P.R. Discussion Papers.
  8. Nicholas Lawson, 2014. "Liquidity Constraints, Fiscal Externalities and Optimal Tuition Subsidies," Working Papers halshs-00964527, HAL.

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