Household debt, knowledge capital accumulation, and macrodynamic performance

Registro completo de metadados
MetadadosDescriçãoIdioma
Autor(es): dc.contributorUniversidade de São Paulo (USP)-
Autor(es): dc.contributorUniversidade Estadual Paulista (UNESP)-
Autor(es): dc.creatorCarvalho, Laura Barbosa de-
Autor(es): dc.creatorLima, Gilberto Tadeu-
Autor(es): dc.creatorSerra, Gustavo Pereira-
Data de aceite: dc.date.accessioned2025-08-21T18:39:54Z-
Data de disponibilização: dc.date.available2025-08-21T18:39:54Z-
Data de envio: dc.date.issued2023-07-29-
Data de envio: dc.date.issued2023-07-29-
Data de envio: dc.date.issued2022-12-31-
Fonte completa do material: dc.identifierhttp://dx.doi.org/10.1080/01603477.2023.2170247-
Fonte completa do material: dc.identifierhttp://hdl.handle.net/11449/246798-
Fonte: dc.identifier.urihttp://educapes.capes.gov.br/handle/11449/246798-
Descrição: dc.descriptionMotivated to some extent by the empirical significance of student loans in the U.S., this paper incorporates knowledge capital formation by working households financed through debt to a demand-led dynamic model of physical and knowledge capital utilization and output growth. Average labor productivity varies positively with the average knowledge capital across the labor force. A rise in labor productivity resulting from knowledge capital accumulation is fully passed on to the real wage so that the wage share remains constant. In the unique long-run equilibrium, which is stable, an exogenous rise in the wage share raises the rates of physical capital utilization and output growth but has an ambiguous effect on the rate of employment (which also measures the rate of knowledge capital utilization). The long-run equilibrium also features the following interrelated results: the output growth rate is greater than the exogenous interest rate; the debt ratio (working households’ debt as a ratio of either the physical or the knowledge capital, or the output) is independent of the interest rate; and the allocation of a higher (lower) proportion of wage income to debt repayment (consumption) raises instead of lowers the debt ratio, which we dub the paradox of debt repayment.-
Descrição: dc.descriptionDepartment of Economics at the University of São Paulo-
Descrição: dc.descriptionSão Paulo State University (UNESP) Department of Economics-
Descrição: dc.descriptionSão Paulo State University (UNESP) Department of Economics-
Idioma: dc.languageen-
Relação: dc.relationJournal of Post Keynesian Economics-
???dc.source???: dc.sourceScopus-
Palavras-chave: dc.subjectcapacity utilization-
Palavras-chave: dc.subjectemployment rate-
Palavras-chave: dc.subjectHousehold debt-
Palavras-chave: dc.subjectknowledge capital-
Palavras-chave: dc.subjectoutput growth-
Título: dc.titleHousehold debt, knowledge capital accumulation, and macrodynamic performance-
Tipo de arquivo: dc.typevídeo-
Aparece nas coleções:Repositório Institucional - Unesp

Não existem arquivos associados a este item.