یارانه برای انباشت سرمایه انسانی در مدل رشد درونی: تجزیه و تحلیل دینامیکی مقایسه ای

This paper analyzes both the growth and the dynamic effects of the subsidy to human capital investment in a two-sector endogenous growth model. We show that the subsidy is growth-increasing and it determines the dynamic behavior of the physical and human capital variables. Moreover, the economy reacts instantaneously to unanticipated changes in the subsidy rate. We prove that the jolt caused by the marginal introduction of the subsidy depends on whether the inverse of the elasticity of intertemporal substitution in consumption is larger than the elasticity of marginal productivity of labor with respect to physical capital.