{"id":737,"date":"2021-03-22T20:43:57","date_gmt":"2021-03-22T23:43:57","guid":{"rendered":"https:\/\/madeusp.com.br\/?post_type=made_publication&p=737"},"modified":"2024-11-01T19:40:23","modified_gmt":"2024-11-01T22:40:23","slug":"household-debt-knowledge-capital-accumulation-and-macrodynamic-performance","status":"publish","type":"made_publication","link":"https:\/\/madeusp.com.br\/en\/publications\/articles\/household-debt-knowledge-capital-accumulation-and-macrodynamic-performance\/","title":{"rendered":"Household debt, knowledge capital accumulation and macrodynamic performance"},"content":{"rendered":"

Moti\u00adva\u00adted to some extent by the empi\u00adri\u00adcal sig\u00adni\u00adfi\u00adcan\u00adce of stu\u00addent loans in the U.S., this paper incor\u00adpo\u00adra\u00adtes kno\u00adwled\u00adge capi\u00adtal for\u00adma\u00adti\u00adon by wor\u00adking hou\u00adseholds finan\u00adced through debt to a demand-led dyna\u00admic model of phy\u00adsi\u00adcal and kno\u00adwled\u00adge capi\u00adtal uti\u00adli\u00adza\u00adti\u00adon and out\u00adput growth. Ave\u00adra\u00adge labor pro\u00adduc\u00adti\u00advity vari\u00ades posi\u00adti\u00advely with the ave\u00adra\u00adge kno\u00adwled\u00adge capi\u00adtal across the labor for\u00adce. A rise in labor pro\u00adduc\u00adti\u00advity resul\u00adting from kno\u00adwled\u00adge capi\u00adtal accu\u00admu\u00adla\u00adti\u00adon is fully pas\u00adsed on to the real wage, so that the wage sha\u00adre remains cons\u00adtant. In the uni\u00adque long- run equi\u00adli\u00adbrium, whi\u00adch is sta\u00adble, an exo\u00adge\u00adnous rise in the wage sha\u00adre rai\u00adses the rates of phy\u00adsi\u00adcal capi\u00adtal uti\u00adli\u00adza\u00adti\u00adon and out\u00adput growth but has an ambi\u00adguous effect on the rate of employ\u00adment (whi\u00adch also mea\u00adsu\u00adres the rate of kno\u00adwled\u00adge capi\u00adtal uti\u00adli\u00adza\u00adti\u00adon). The long-run equi\u00adli\u00adbrium also fea\u00adtu\u00adres the fol\u00adlowing inter\u00adre\u00adla\u00adted results: the out\u00adput growth rate is gre\u00ada\u00adter than the exo\u00adge\u00adnous inte\u00adrest rate; the debt ratio (wor\u00adking hou\u00adseholds\u2019 debt as a ratio of either the phy\u00adsi\u00adcal or the kno\u00adwled\u00adge capi\u00adtal, or the out\u00adput) is inde\u00adpen\u00addent from the inte\u00adrest rate; and the allo\u00adca\u00adti\u00adon of a higher (lower) pro\u00adpor\u00adti\u00adon of wage inco\u00adme to debt repay\u00adment (con\u00adsump\u00adti\u00adon) rai\u00adses ins\u00adte\u00adad of lowers the debt ratio, whi\u00adch we dub the para\u00addox of debt repayment.<\/p>\n

Keywords:<\/strong> Hou\u00adsehold debt; kno\u00adwled\u00adge capi\u00adtal; capa\u00adcity uti\u00adli\u00adza\u00adti\u00adon; employ\u00adment rate; out\u00adput growth.<\/p>\n

J.E.L. Clas\u00adsi\u00adfi\u00adca\u00adti\u00adon Codes:<\/strong> E12, E22, E24.<\/p>\n","protected":false},"excerpt":{"rendered":"

Moti\u00adva\u00adted to some extent by the empi\u00adri\u00adcal sig\u00adni\u00adfi\u00adcan\u00adce of stu\u00addent loans in the U.S., this paper incor\u00adpo\u00adra\u00adtes kno\u00adwled\u00adge capi\u00adtal for\u00adma\u00adti\u00adon by wor\u00adking hou\u00adseholds finan\u00adced through debt to a demand-led dyna\u00admic model of phy\u00adsi\u00adcal and kno\u00adwled\u00adge capi\u00adtal uti\u00adli\u00adza\u00adti\u00adon and out\u00adput growth. Ave\u00adra\u00adge labor pro\u00adduc\u00adti\u00advity vari\u00ades posi\u00adti\u00advely with the ave\u00adra\u00adge kno\u00adwled\u00adge capi\u00adtal across the labor for\u00adce. A [\u2026]<\/p>\n","protected":false},"template":"","tags":[257,258,255,256,259],"made_publication_type":[78],"class_list":["post-737","made_publication","type-made_publication","status-publish","hentry","tag-capacity-utilization-en","tag-employment-rate-en","tag-household-debt-en","tag-knowledge-capital-en","tag-output-growth-en","made_publication_type-working-papers"],"acf":[],"yoast_head":"\nHousehold debt, knowledge capital accumulation and macrodynamic performance — Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madeusp.com.br\/en\/publications\/articles\/household-debt-knowledge-capital-accumulation-and-macrodynamic-performance\/\" \/>\n<meta name=\"twitter:label1\" 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