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Vintage effects in human capital: Europe versus the United States

Inklaar, R. & Papakonstantinou, M., 10-Feb-2020, In : Review of Income and Wealth. 66, 1, p. 1–25 25 p., 1.

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The standard assumption in growth accounting is that an hour worked by a worker of given type delivers a constant quantity of labor services over time. This assumption may be violated due to vintage effects, which were shown to be important in the United States since the early 1980s, leading to an underestimation of the growth of labor input (Bowlus and Robinson, 2012). We apply their method for identifying vintage effects to a comparison between the United States and six European countries. We find that vintage effects led to increases of labor services per hour worked by high-skilled workers in the United States and United Kingdom and decreases in Continental European countries between 1995 and 2005. Rather than productivity growth advantage of the US and UK, the primary difference with Continental European countries was human capital vintage effects instead.
Original languageEnglish
Article number1
Pages (from-to)1–25
Number of pages25
JournalReview of Income and Wealth
Volume66
Issue number1
Publication statusPublished - 10-Feb-2020

    Keywords

  • human capital, productivity, vintage effects
Related Publications
  1. Vintage effects in human capital: Europe versus the United States

    Inklaar, R. & Papakonstantinou, M. A., Apr-2017, Groningen: Groningen Growth and Development Center, (GGDC Working Papers; vol. GD-169).

    Research output: Working paperAcademic

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