Output persistence in human capital-based growth models
This note explores the persistence properties of a class of models proposed by Jones, Manuelli and Siu (2000) where growth stems from purposeful human capital accumulation. In doing so, we adopt Cogley and Nason's (1995) definition of output persistence. The propagation mechanism exhibited by this class of models appears unable to solve the output persistence puzzle.
Volume (Year): 5 (2003)
Issue (Month): 11 ()
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