Simple Calculus of Resolving the Fiscal Policy Puzzle: The Role of Human Capital

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DOI: 10.4236/tel.2014.49093    3,338 Downloads   4,062 Views  
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ABSTRACT

This paper investigates how much externality of human capital a la on-the-job training resolves the fiscal policy puzzle that is consistent with the empirical evidences which obtain the positive response of consumption and wage to increase of fiscal spending in general equilibrium model.

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Hiraga, K. (2014) Simple Calculus of Resolving the Fiscal Policy Puzzle: The Role of Human Capital. Theoretical Economics Letters, 4, 739-742. doi: 10.4236/tel.2014.49093.
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