Endogenous Cycles and Human Capital

Dimitrios Varvarigos ()

No 13/18, Discussion Papers in Economics from Division of Economics, School of Business, University of Leicester

Abstract: Existing evidence shows that activities promoting the formation of human capital are countercyclical. In a two period OLG model, I show that countercyclical investment in human capital arises as a result of a parametric combination relating to preferences and technologies. This countercyclical reaction is responsible for the non-monotonicity in the evolution of human capital, thus initiating a self-sustained sequence of events that generate endogenous cycles, and possibly chaotic dynamics.

Keywords: Human capital; Cycles (search for similar items in EconPapers)
JEL-codes: E32 O41 (search for similar items in EconPapers)
Date: 2013-09
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