Asymmetric Adjustment Costs and the Imbalance Effect between Human and Physical Capital
Empirical studies indicate a positive dependence of the output growth on the ratio of human capital to physical capital (an imbalance effect). This paper considers standard one-capital and two-capital one-sector endogenous and exogenous growth models with adjustment costs. Two-capital models exhibit an empirically plausible imbalance effect between human and physical capital if adjustment costs are larger for human than for physical capital.
Volume (Year): 13 (2006)
Issue (Month): 23 ()
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