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CESifo Economic Studies Advance Access originally published online on July 1, 2008
CESifo Economic Studies 2008 54(3):471-498; doi:10.1093/cesifo/ifn021
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© The Author 2008. Published by Oxford University Press on behalf of Ifo Institute for Economic Research, Munich. All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org

Macroeconomic Effects of Public Education Expenditure

Konstantinos Angelopoulos*, Jim Malley{dagger} and Apostolis Philippopoulos{ddagger}

* University of Glasgow, e-mail: K.Angelopoulos{at}lbss.gla.ac.uk
{dagger} University of Glasgow and CESifo, e-mail: j.malley{at}lbss.gla.ac.uk
{ddagger} Athens University of Economics & Business, CESifo and University of Glasgow, e-mail: aphil{at}aueb.gr

This article studies the growth and welfare effects of public education spending in the USA for the post-war period. We calibrate a standard dynamic general equilibrium model, where human capital is the engine of long-run endogenous growth. Our results suggest that while increases in public education spending raise growth, these increases are not necessarily welfare promoting. Welfare gains however can be realized if increases in public education spending are accompanied by changes in the government tax-spending mix. (JEL codes: H52, E62)


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