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dc.contributor.authorAngelopoulos, Konstantinosen
dc.contributor.authorMalley, Jimen
dc.contributor.authorPhilippopoulos, Apostolisen
dc.date.accessioned2009-02-25-
dc.date.accessioned2009-07-28T08:48:15Z-
dc.date.available2009-07-28T08:48:15Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2510en
dc.subject.jelA00en
dc.subject.jelE60en
dc.subject.jelE62en
dc.subject.ddc330en
dc.subject.keywordEducation spendingen
dc.subject.keywordgrowthen
dc.subject.keywordwelfareen
dc.subject.stwÖffentliche Bildungsausgabenen
dc.subject.stwBildungsinvestitionen
dc.subject.stwExterner Effekten
dc.subject.stwSteueren
dc.subject.stwBildungsverhaltenen
dc.subject.stwProduktivitäten
dc.subject.stwWohlfahrtseffekten
dc.subject.stwTheorieen
dc.titleWelfare implications of public education spending rules-
dc.typeWorking Paperen
dc.identifier.ppn592486788en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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