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Endogenous Growth and Real Effects of Monetary Policy: R&D and Physical Capital Complementarities in a Cash-in-Advance Economy. (2018). Gil, Pedro ; Iglesias, Gustavo.
In: CEF.UP Working Papers.
RePEc:por:cetedp:1802.

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  1. • The fraction of the population with secondary education consistently appears with a negative significant coefficient, while the fraction with tertiary education displays a positive coefficient. Replacing the latter with the “Cognitive skills” variable maintains the signs while allowing for more precise estimates overall and, in particular, as regards the coefficient on inflation. In contrast, Gomes and Kuehn (2017) consistently get a positive and significant impact of secondary education. For a sub-sample of OECD countries, the authors find both secondary and tertiary have a positive impact, although only the former remains significant after the inclusion of other variables in the regression. These results suggest that the type of human capital that favours large firms from the point of view of capital per firm (via tertiary education) is different from the type that favours large firms as regards the number of persons employed per firm (secondary education).
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  44. org/. This variable captures the overall economic development level, which may potentially correlate positively with firm size. Considering the initial GDP per capita also allows us to account for possible catching-up effects in the inflation rate in those countries initially further away from the technological frontier; • Population, 2007, from the OECD online database at http://stats.oecd.org/.
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  52. The controls that we include in our cross-country regressions of average firm size on long-run inflation follow from close the macro literature on the structural determinants of firm size (see Gomes and Kuehn, 2017, and the references therein). The list of controls and respective data source is the following: • GDP per capita, 1995, from the OECD online database at http://stats.oecd.
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  53. These costs are composed of regulatory costs (broken down into monetary regulatory start up costs and wage costs of both startup delays and the post-start up time required to do taxes, all based on the World Bank Doing Business Survey) The argument goes that the studies using average years of schooling, or other quantitative indicator of schooling, as a measure of human capital implicitly assume that a year of schooling delivers the same increase in skills and competences regardless of the education system, as well as that formal schooling is the primary source of education. In contrast, this strand of the literature concentrates directly on the role of cognitive skills, by using measures of educational achievement derived from the international student achievement tests (e.g., the OECD PISA scores; see Hanushek and Kimko, 2000, for an earlier significant contribution along these lines).
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  54. Wu, Y., and J. Zhang (2001): “The Effects of Inflation on the Number of Firms and Firm Size,” Journal of Money, Credit, and Banking, 33(2), 251–271.

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