Human capital formation and business cycle persistence
研究人力资本形成如何放大商业周期冲击，发现一个包含人力资本的两部门均衡模型能产生与美国战后数据相当的产出增长持续性，关键在于人力资本生产中熟练与非熟练劳动力的低替代弹性。
In this paper we examine the role of the formation of human capital in propagating shocks over the business cycle. We show that a two-sector equilibrium business cycle model with human capital is able to generate persistence in the growth of output and other aggregate variables comparable to that observed in the post-war US data. A key feature is the relatively low elasticity of substitution between skilled and unskilled labor in the production of human capital.