This article develops a simple model where knowledge spillover is related to geography and sectors of the economy. Knowledge externality comes from those with college degree at sector level and the relative size of the business service sector at geographic level. We examine the model using data...

This paper contributes to the debate on the relationship between human capital, institutions, and economic growth. The paper first develops a micro-foundation model linking institutions to human capital. The advantage of our modeling strategy is that the human capital accumulation function is...

This article uses a quasi-Mincerian approach to verify whether the concentration of college-educated individuals employed in the business support services sector and in the own sector contributes to increased productivity in other sectors of the economy. We estimate the returns to education...

In this paper we develop a new demand for money that incorporates the major characteristic of digital money, privacy. This new demand is an extension of the theories of Clower (1968) and Hayek (1978). According to the former author, the demand for a new type of money will depend upon its...