Human Capital and Economic Growth: Nonlinear Specifications
Human Capital and Economic Growth: Nonlinear Specifications
This chapter examines the human capital–growth relationship from a nonlinear perspective using the transition to the steady-state approach formalized by Mankiw, Romer, and Weil (MRW) and the growth accounting methodology. It uses a general nonparametric econometric framework that allows the effect of human capital on economic growth to differ both across countries and time. The second section estimates the MRW framework but assumes that the impact of initial income and human capital on growth is nonlinear. It employs the semiparametric linear model that allows several different economic variables to enter the nonparametric component. The third section utilizes the growth accounting framework and adopts the smooth coefficient semiparametric model that allows the effect of human capital growth on TFP growth to be nonlinear.
Keywords: human capital–growth relationship, growth accounting, semiparametic model, MRW framework
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