Human Capitalists

We thank our discussants Lars Alexander-Kuehn, Francois Gourio, Daniel Greenwald, and Thomas Lemieux, as well as Erik Hurst, Matthias Kehrig, Lee Ohanian, Valerie Ramey, and seminar and conference participants at the NBER Summer Institute Micro Data and Macro Models Workshop, the Society of Economic Dynamics Annual Meeting, the MIT Junior Finance Conference, ASU Sonoran Winter Finance Conference, the Macro Finance Society Biannual Meeting, Texas Finance Festival, WUSTL the Macroeconomics of Inequality Mini-Conference, AFA, Boston University, Columbia University, the University of Minnesota, the University of Illinois Urbana-Champaign, the London School of Economics, the University of Texas at Austin, MIT, Stanford, UC Davis, Northwestern University, the University of Chicago, Carnegie Mellon University, Georgetown University, Princeton University, Upenn Wharton School, University of Toronto, London Business School for their helpful comments. Xiaolan gratefully acknowledges the financial support from the faculty excellence research grant from the McCombs School of Business at the University of Texas at Austin. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• live draft link

• May 11, 2021
• October 1, 2021