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dc.contributor.authorAngelopoulos, Konstantinosen_US
dc.contributor.authorMalley, Jimen_US
dc.contributor.authorPhilippopoulos, Apostolisen_US
dc.date.accessioned2009-02-25en_US
dc.date.accessioned2009-07-28T08:48:15Z-
dc.date.available2009-07-28T08:48:15Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/26555-
dc.description.abstractIn this paper, we quantitatively assess the welfare implications of alternative public education spending rules. To this end, we employ a dynamic stochastic general equilibrium model in which human capital externalities and public education expenditures, financed by distorting taxes, enhance the productivity of private education choices. We allow public education spending, as share of output, to respond to various aggregate indicators in an attempt to minimize the market imperfection due to human capital externalities. We also expose the economy to varying degrees of uncertainty via changes in the variance of total factor productivity shocks. Our results indicate that, in the face of increasing aggregate uncertainty, active policy can significantly outperform passive policy (i.e. maintaining a constant public education to output ratio) but only when the policy instrument is successful in smoothing the growth rate of human capital.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2510en_US
dc.subject.jelA00en_US
dc.subject.jelE60en_US
dc.subject.jelE62en_US
dc.subject.ddc330en_US
dc.subject.keywordEducation spendingen_US
dc.subject.keywordgrowthen_US
dc.subject.keywordwelfareen_US
dc.subject.stwÖffentliche Bildungsausgabenen_US
dc.subject.stwBildungsinvestitionen_US
dc.subject.stwExterner Effekten_US
dc.subject.stwSteueren_US
dc.subject.stwBildungsverhaltenen_US
dc.subject.stwProduktivitäten_US
dc.subject.stwWohlfahrtseffekten_US
dc.subject.stwTheorieen_US
dc.titleWelfare implications of public education spending rulesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn592486788en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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