The Evolution of Education: A Macroeconomic Analysis

22 Pages Posted: 18 Jul 2013

See all articles by Diego Restuccia

Diego Restuccia

University of Toronto - Department of Economics

Guillaume Vandenbroucke

Federal Reserve Banks - Federal Reserve Bank of St. Louis

Multiple version iconThere are 2 versions of this paper

Date Written: August 2013

Abstract

Between 1940 and 2000 there was a substantial increase in educational attainment in the United States. What caused this trend? We develop a model of human capital accumulation that features a nondegenerate distribution of educational attainment in the population. We use this framework to assess the quantitative contribution of technological progress and changes in life expectancy in explaining the evolution of educational attainment. The model implies an increase in average years of schooling of 24%, which is the increase observed in the data. We find that technological variables and in particular skill‐biased technical change represent the most important factors in accounting for the increase in educational attainment. The strong response of schooling to changes in income is informative about the potential role of educational policy and the impact of other trends affecting lifetime income.

Suggested Citation

Restuccia, Diego and Vandenbroucke, Guillaume, The Evolution of Education: A Macroeconomic Analysis (August 2013). International Economic Review, Vol. 54, Issue 3, pp. 915-936, 2013. Available at SSRN: https://ssrn.com/abstract=2295265 or http://dx.doi.org/10.1111/iere.12022

Diego Restuccia (Contact Author)

University of Toronto - Department of Economics ( email )

150 St. George Street
Toronto, Ontario M5S 3G7
Canada

Guillaume Vandenbroucke

Federal Reserve Banks - Federal Reserve Bank of St. Louis ( email )

411 Locust St
Saint Louis, MO 63011
United States
+1 314 444 8717 (Phone)

HOME PAGE: http://www.guillaumevdb.net/

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
0
Abstract Views
175
PlumX Metrics