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Human Capital Investment In The Presence Of Unemployment: Application To University Enrolment In Spain

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  • Fernandez, R.M.
  • Shioji, E.

Abstract

This paper explores the effects of unemployment on the school enrolment decisions. A few studies that have taken up this issue in the past have produced results that are seemingly contradictory with each other. We build a model of the enrolment decision that is capable of explaining these results in a unified manner. In this model, unemployment affects the enrolment decision both through changing costs of and returns to education (investment effect) and through changing parental wealth and thus affecting intergenerational transfers (wealth effect). We develop an empirical framework that allows us to test presence of these two effects separately, and apply this to panel data of Spanish regions on university enrolment. We find that both effects are present.

Suggested Citation

  • Fernandez, R.M. & Shioji, E., 2001. "Human Capital Investment In The Presence Of Unemployment: Application To University Enrolment In Spain," Economics Series Working Papers 9966, University of Oxford, Department of Economics.
  • Handle: RePEc:oxf:wpaper:9966
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    References listed on IDEAS

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    1. David G. Blanchflower & Andrew J. Oswald, 1995. "The Wage Curve," MIT Press Books, The MIT Press, edition 1, volume 1, number 026202375x, January.
    2. Cameron, Gavin & Muellbauer, John, 1998. "The Housing Market and Regional Commuting and Migration Choices," Scottish Journal of Political Economy, Scottish Economic Society, pages 420-446.
    3. Muellbauer, John & Murphy, Anthony, 1997. "Booms and Busts in the UK Housing Market," Economic Journal, Royal Economic Society, vol. 107(445), pages 1701-1727, November.
    4. Nicole M. Fortin & Michael Baker, 1999. "Women's Wages in Women's Work: A U.S./Canada Comparison of the Roles of Unions and "Public Goods" Sector Jobs," American Economic Review, American Economic Association, pages 198-203.
    5. Nicole M. Fortin & Michael Baker, 1999. "Women's Wages in Women's Work: A U.S./Canada Comparison of the Roles of Unions and "Public Goods" Sector Jobs," American Economic Review, American Economic Association, pages 198-203.
    6. John Lovering, 1999. "Theory Led by Policy: The Inadequacies of the 'New Regionalism' (Illustrated from the Case of Wales)," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 23(2), pages 379-395, June.
    7. Blackaby, D H & Manning, D N, 1992. "Regional Earnings and Unemployment--A Simultaneous Approach," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(4), pages 481-501, November.
    8. Gavin Cameron & John Muellbauer, 2001. "Earnings, unemployment, and housing in Britain," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 203-220.
    9. David Wilkinson, 1992. "Has the North—South divide come to an end?—Prospects for regional unemployment," National Institute Economic Review, National Institute of Economic and Social Research, vol. 142(1), pages 88-98, November.
    10. Robert Rowthorn, 2000. "The Political Economy of Full Employment in Modern Britain," Working Papers wp164, Centre for Business Research, University of Cambridge.
    11. Cameron, Gavin & Muellbauer, John, 2000. "Earnings Biases in the United Kingdom Regional Accounts: Some Economic Policy and Research Implications," Economic Journal, Royal Economic Society, vol. 110(464), pages 412-429, June.
    12. repec:sae:niesru:v:142:y::i:1:p:88-98 is not listed on IDEAS
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    Cited by:

    1. Hermann, Zoltán, 2005. "A helyi munkaerőpiac hatása a középfokú továbbtanulási döntésekre
      [The local labour markets effect on decisions to enter secondary-level education]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 39-60.
    2. Stöver, Britta, 2017. "Empirical evidence in explaining the transition behaviour from school to studies - challenges in forecasting the number of first-year students in Germany," Hannover Economic Papers (HEP) dp-596, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    3. Mikkel Barslund, 2012. "Recent Developments in Selected Education Indicators and their Relation to Europe 2020 Targets," National Institute Economic Review, National Institute of Economic and Social Research, vol. 220(1), pages 6-16, April.
    4. Budria, Santiago, 2006. "Education and Inequality: Evidence from Spain," MPRA Paper 1098, University Library of Munich, Germany.

    More about this item

    Keywords

    UNEMPLOYMENT ; EDUCATION ; OPPORTUNITY COSTS;

    JEL classification:

    • I1 - Health, Education, and Welfare - - Health
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers

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