Capital, wages and growth: Theory and evidence

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Ciccone, Antonio; Peri, Giovanni; Almond, Douglas. Capital, wages and growth: Theory and evidence. 1999
http://hdl.handle.net/10230/1244
To cite or link this document: http://hdl.handle.net/10230/1244
dc.contributor.author Ciccone, Antonio
dc.contributor.author Peri, Giovanni
dc.contributor.author Almond, Douglas
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.issued 1999-01-01
dc.identifier.uri http://hdl.handle.net/10230/1244
dc.description.abstract Returns to scale to capital and the strength of capital externalities play a key role for the empirical predictions and policy implications of different growth theories. We show that both can be identified with individual wage data and implement our approach at the city-level using US Census data on individuals in 173 cities for 1970, 1980, and 1990. Estimation takes into account fixed effects, endogeneity of capital accumulation, and measurement error. We find no evidence for human or physical capital externalities and decreasing aggregate returns to capital. Returns to scale to physical and human capital are around 80 percent. We also find strong complementarities between human capital and labor and substantial total employment externalities.
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 389
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Capital, wages and growth: Theory and evidence
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2014-06-03T07:13:59Z
dc.subject.keyword Macroeconomics and International Economics
dc.subject.keyword returns to scale to capital
dc.subject.keyword human capital
dc.subject.keyword capital externalities
dc.subject.keyword complementarities
dc.subject.keyword scale effects
dc.subject.keyword cities
dc.rights.accessRights info:eu-repo/semantics/openAccess


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