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- W3119172213 abstract "This paper argues that output can respond to public education spending in a delayed and persistent manner through human capital accumulation. We refer to this as a “time-release” response, reflecting that the output response grows as students exposed to increased expenditures sequentially enter the labor market. We first develop and calibrate a stochastic overlapping generations model to formalize the propagation of spending shocks over a long time horizon. We then empirically explore this time-release aspect of shocks to government education expenditures on output using US state-level data for the period 1963–2016 and a panel structural vector autoregression methodology. Consistent with the model, our empirical results show that the dynamic response of output to shocks to government education expenditures is positive, significant, and long-lasting." @default.
- W3119172213 created "2021-01-18" @default.
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- W3119172213 date "2021-01-11" @default.
- W3119172213 modified "2023-10-18" @default.
- W3119172213 title "“TIME-RELEASE” OUTPUT RESPONSES TO PUBLIC EDUCATION EXPENDITURES" @default.
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- W3119172213 doi "https://doi.org/10.1017/s1365100520000656" @default.
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