Campus Units

Economics

Document Type

Article

Publication Version

Submitted Manuscript

Publication Date

3-2013

Journal or Book Title

Journal of Monetary Economics

Volume

60

Issue

2

First Page or Article ID Number

184

Last Page

202

DOI

10.1016/j.jmoneco.2012.12.005

Abstract

This paper provides a theory that explains the cross-country distribution of average years of schooling, as well as the so called human capital premium puzzle. In our theory, credit frictions as well as differences in access to public education, fertility and mortality turn out to be the key reasons why schooling differs across countries. Differences in growth rates and in wages are second order.

JEL Classification

I22, J24, O11

Comments

NOTICE: this is the author’s version of a work that was accepted for publication in Journal of Monetary Economics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Monetary Economics, [60, 2, (2013)] DOI: 10.1016/j.jmoneco.2012.12.005

Copyright Owner

Elsevier B.V.

Language

en

File Format

application/pdf