A Panel Data Analysis of the Brain Gain

This paper casts the Belgian Great Depression of the 1930s within a dynamic stochastic general equilibrium (DSGE) framework. Results show that a total factor productivity shock within a standard real business cycle model is unsatisfactory. Introducing war expectations in the baseline model produces little improvement. Given the evidence on sticky wages put forward by historians, it shows that a simple DGSE model with sticky wages à la Taylor improves on the result.

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Year of publication:	2007-08-01
Authors:	Michel, BEINE ; Cecily, DEFOORT ; Frédéric, DOCQUIER
Institutions:	Institut de Recherche Économique et Sociale (IRES), École des Sciences Économiques de Louvain
Subject:	human capital \| convergence \| brain drain

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Extent:	application/pdf
Series:	Discussion Papers (ECON - Département des Sciences Economiques).
Type of publication:	Book / Working Paper
Language:	English
Notes:	The text is part of a series UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Sciences Economiques Number 2007024 3 pages long
Classification:	O15 - Human Resources; Income Distribution; Migration ; O40 - Economic Growth and Aggregate Productivity. General ; F22 - International Migration ; F43 - Economic Growth of Open Economies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004984806