Dynamic Models of Human and Financial Capital Accumulation

人力和金融资本积累的动态模型

• 批准号: 9708991
• 负责人: Kenneth Judd
• 金额: $ 22.5万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1997
• 资助国家: 美国
• 起止时间: 1997-08-15 至 2001-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9708991&HistoricalAwards=false
• 关键词: Dynamic; Models; Human; Financial; Capital

9708991 Judd Is a typical American "undereducated"? This issue has been analyzed before, but in a fashion that ignored the risky aspects of educational investments. The return to education is uncertain, but the proper response to this uncertainty depends on the nature of the uncertainty. This project applies standard investment ideas from financial economics to human capital and educational problems. It then integrates the human capital and financial investment decisions, and analyzes the current tax system and proposed reforms. The current system is, due to tax-favored savings provisions, partially a consumption and partially an income tax system. Also, the current system allows for some expensing of educational expenses through the deduction of state and local taxes for taxpayers who itemize. True consumption tax reform would allow expensing of all forms of savings, whether it be in the form of financial instruments or human capital investments. Many so-called consumption tax reforms would not allow expensing out-of-pocket education costs, and thereby favor physical capital investments. This project explores the importance of these facts in life-cycle models of education and savings. To accomplish these objectives, this project also develops new computational methods of solving such economic problems. These new methods will also prove useful in many other economic problems.

小行星9708991 一个典型的美国人是“未受教育的”吗？ 这个问题以前曾被分析过，但在一种忽视教育投资风险方面的方式。 教育的回报是不确定的，但对这种不确定性的适当反应取决于不确定性的性质。 该项目将金融经济学中的标准投资理念应用于人力资本和教育问题。 然后结合人力资本和财政投资决策，分析了现行税制并提出了改革建议。 由于税收优惠的储蓄规定，现行制度部分是消费税制度，部分是所得税制度。 此外，目前的制度允许通过扣除州和地方税的纳税人谁逐项教育费用的一些支出。 真正的消费税改革将允许所有形式的储蓄支出，无论是金融工具还是人力资本投资。 许多所谓的消费税改革不允许自付教育成本，从而有利于实物资本投资。 这个项目探讨了这些事实在教育和储蓄的生命周期模型中的重要性。 为了实现这些目标，该项目还开发了解决此类经济问题的新计算方法。 这些新方法也将被证明在许多其他经济问题中是有用的。