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Asymmetric Adjustment Costs and the Imbalance Effect between Human and Physical Capital


  • Petr Duczynski


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.

Suggested Citation

  • Petr Duczynski, 2006. "Asymmetric Adjustment Costs and the Imbalance Effect between Human and Physical Capital," Bulletin of the Czech Econometric Society, The Czech Econometric Society, vol. 13(23).
  • Handle: RePEc:czx:journl:v:13:y:2006:i:23:id:146

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