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Three essays on macroeconomics.

Park, Songook.

Three essays on macroeconomics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Three essays on macroeconomics.
Author:	Park, Songook.
Description:	147 p.
Notes:	Adviser: John P. Laitner.
Notes:	Source: Dissertation Abstracts International, Volume: 67-07, Section: A, page: 2677.
Contained By:	Dissertation Abstracts International67-07A.
Subject:	Economics, General.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3224715
ISBN:	9780542790508

Three essays on macroeconomics.
Park, Songook.

Three essays on macroeconomics. - 147 p.

Adviser: John P. Laitner.

Thesis (Ph.D.)--University of Michigan, 2006.

Chapter 2 tests an efficiency condition of human and physical capital investment in Mankiw, Romer & Weil (1992)'s augmented Solow (1956) growth model. If investment is efficient, the rate of return on human capital and physical capital should be same. We test whether this condition is satisfied or not. The evidence is mixed but is closer to rejecting the efficiency condition.

ISBN: 9780542790508Subjects--Topical Terms:

212429
Economics, General.

Three essays on macroeconomics.
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245 1 0 $a Three essays on macroeconomics.
300 $a 147 p.
500 $a Adviser: John P. Laitner.
500 $a Source: Dissertation Abstracts International, Volume: 67-07, Section: A, page: 2677.
502 $a Thesis (Ph.D.)--University of Michigan, 2006.
520 # $a Chapter 2 tests an efficiency condition of human and physical capital investment in Mankiw, Romer & Weil (1992)'s augmented Solow (1956) growth model. If investment is efficient, the rate of return on human capital and physical capital should be same. We test whether this condition is satisfied or not. The evidence is mixed but is closer to rejecting the efficiency condition.
520 # $a In the original Survey of Consumer Finances (SCF), net worth calculations only include account-type future pension benefits and omit every other type of pension. This fact may distort the net worth distribution. Therefore, Chapter 3 includes omitted values of pensions in its net worth calculations and examines the effect on the overall distribution of net worth. For example, the top 1% share of net worth in 1992 drops from 30.1% to 26.1% after including omitted values of pensions in net worth calculations.
520 # $a Romer (2001) points out that the existence of a balanced growth path in R&D based growth models depends on absolute returns to scale on accumulated knowledge in the R&D production function. However, when Chapter 1 explicitly introduces concavity with respect to labor into the original model, then the existence of a balanced growth path depends on whether returns to scale (concavity) on labor are less than returns to scale (concavity) on accumulated knowledge.
520 # $a Second, Chapter 1 shows that even if we incorporate a positive labor growth rate and concavity in the R&D production function with respect to accumulated knowledge and labor, the decentralized equilibrium balanced growth rate can be different from the socially optimal growth rate through what we call a "knowledge duplication" effect.
520 # $a The model in Chapter 1 explicitly considers the effect of duplicated R&D effort in an R&D based growth model. Chapter 1 has two specific contributions. The first contribution is deduced from the assumption of concavity in the R&D production function, which is needed to introduce duplicated R&D effort. The second contribution is deduced from duplicated R&D effort.
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791 $a Ph.D.
792 $a 2006
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