This paper develops a one sector, two-input model with endogenous human capital formation. The two inputs are two types of skilled labor: “engineering,” which exerts a positive externality on total factor productivity, and “law,” which does not. The paper shows that a marginal prospect of migration by engineers increases human capital accumulation of both types of workers (engineers and lawyers), and also the number of engineers who remain in the country. These two effects are socially desirable, since they move the economy from the (inefficient) free-market equilibrium towards the social optimum. The paper also shows that if the externality effect of engineering is sufficiently powerful, everyone will be better off as a consequence of the said prospect of migration, including the engineers who lose the migration “lottery,” and even the individuals who practice law.
Найдены 4 публикации
P. 707-722.Review of International Economics. 2012. Vol. 20. No. 4.
This paper examines how the 2005 shift in Russian exchange rate policy from US dollar (USD) single-currency to USD-EUR (euro) bi-currency targeting has impacted domestic interest rates. The finding show that this policy shift has disconnected Russian interest rates from US dollar-denominated interest rates, while instead linking them to a synthetic interest rate composed of USD and EUR rates at the same proportion as that of these two currencies in the currency basket against which the ruble's exchange rate is set. The Russian experience shows that while the adoption of bi-currency targeting may help ensure that domestic interest rates are less dependent on the monetary cycle of a single country, these rates are instead likely to reflect financial developments in all countries whose currencies are included in the currency basket. This insight is likely to be relevant for other countries that pursue basket-targeting policies.
Добавлено: 16 ноября 2012
P. 345-360.Review of International Economics. 2015. Vol. 23. No. 2.
Добавлено: 23 марта 2015
P. 657-673., Stark O. Review of International Economics. 2012. Vol. 20. No. 4.
Добавлено: 19 ноября 2012
Hepenstrick C., P. 271-302.Review of International Economics. 2015. Vol. 23. No. 2.
Добавлено: 2 октября 2015