A Human Capital Explanation of Real Business Cycles
将人力资本投资作为第二部门纳入模型，解释了劳动时间份额、劳动生产率与产出相关性等商业周期特征，并揭示了人力资本深化在收缩期发生、物质资本深化在扩张期发生的机制。
We contribute an alternative explanation of business cycles by using human capital investment as a second sector tied down with accounting methods. Inputs of education expenditure and tertiary student time in this sector enable explanation of a broad set of business-cycle moments. Labor time share, labor productivity, and consumption correlations with output are well explained, a challenge difficult to meet in the one-sector models. Human capital deepening in the human capital investment sector occurs during contractions, while physical capital deepening in the goods sectors occurs during expansions. The external margin from human capital investment clarifies conflicting estimates of the labor elasticity.