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Journal Article
The Unequal Responses to Pandemic-Induced Schooling Shocks
Flores, Andrea; Gayle, George-Levi (2023-01-20)
This article investigates the existence of socio-demographic gradients in the schooling shocks experienced by school-aged children and their ability to adjust to the disruptions induced by the containment measures imposed in response to the COVID-19 pandemic. It focuses on documenting racial, educational, and income disparities in these two essential components of children's human capital accumulation that could have significant implications in the medium and long run. The article finds that children in households from disadvantaged socio-demographic groups (i) were significantly more likely ...
Review , Volume 105 , Issue 1 , Pages 51-65

Journal Article
The Changing Role of Family Income in College Selection and Beyond
Leukhina, Oksana (2023-07-14)
Previous literature has established that the role of family income has grown substantially at predicting college entry decisions when comparing the 1979 and 1997 National Longitudinal Surveys of Youth (e.g., Belley and Lochner (2007)). In this article, I further examine the changing role of family income as a determinant of college quality choice, degree attainment, and post-schooling earnings. I document that the role of family income has remained important and relatively stable at explaining college quality choice, its importance increasing only for the choice of four- over two-year ...
Review , Volume 105 , Issue 3 , Pages 198-222

Working Paper
Institution, Major, and Firm-Specific Premia: Evidence from Administrative Data
Ost, Ben; Pan, Weixiang; Webber, Douglas A. (2024-04-09)
We examine how a student's field of degree and institution attended contribute to the labor market outcomes of young graduates. Administrative panel data that combines student transcripts with matched employer-employee records allow us to provide the first decomposition of premia into individual and firm-specific components. We find that both major and institutional premia are more strongly related to the firm-specific component of wages than the individual-specific component of wages. On average, a student's major is a more important predictor of future wages than the selectivity of the ...
Finance and Economics Discussion Series , Paper 2024-018

Discussion Paper
Modern Income-Share Agreements in Postsecondary Education: Features, Theory, Applications
Webber, Douglas; Ritter, Dubravka (2019-12-06)
An income-share agreement (ISA) in postsecondary education is a contract in which students pledge to pay a certain percentage of their future incomes over a set period of time in exchange for funding educational program expenses in the present. Typically, participants begin to make payments once their incomes rise above a minimum threshold set by the terms of the ISA and will never pay more than a set cap (usually, a multiple of the original amount). Funding for ISAs can range from university sources to philanthropic funding and private investor capital. In this study, we describe the many ...
Consumer Finance Institute discussion papers , Paper 19-6

Working Paper
Is It Still an Econ Course? The Effect of a Standardized Personal Finance Test on the Learning of Economics
Day, Stephen; Nunes, Evelyn; Sultanum, Bruno (2022-03-31)
We study the implications of mixing economics and personal finance standardsin a high school course. Using administrative, survey, and testing data on collegestudents, we find evidence that personal finance instruction crowds out economicsinstruction. We find that students who received more instruction in economics scorealmost 5% higher on an economics test. Furthermore, we estimate the effect of beingassigned a certification test in personal finance as a part of this course. The effect ofthe certification test is not uniform across students. The test reduces the economicsscores of students ...
Working Paper , Paper 22-03

Working Paper
Do Human Capital Adjustments Protect Youths from Structural Change?
Smith, Tucker (2024-11-09)
Structural changes to labor demand can have lasting consequences on the employment and earnings of workers in affected industries and geographies. However, individuals coming of age may avoid similar fates if they internalize salient changes to the returns to education and adjust their human capital investments. This paper studies the effects of exposure to structural labor demand shocks during youth and adolescence on human capital accumulation and later-life earnings. I use student-level administrative data from Texas and a modified difference-in-differences design that compares changes in ...
Working Papers , Paper 2411

Working Paper
ivcrc: An Instrumental Variables Estimator for the Correlated Random Coefficients Model
Benson, David A.; Torgovitsky, Alexander; Masten, Matthew A. (2020-06-16)
We present the ivcrc command, which implements an instrumental variables (IV) estimator for the linear correlated random coefficients (CRC) model. This model is a natural generalization of the standard linear IV model that allows for endogenous, multivalued treatments and unobserved heterogeneity in treatment effects. The proposed estimator uses recent semiparametric identification results that allow for flexible functional forms and permit instruments that may be binary, discrete, or continuous. The command also allows for the estimation of varying coefficients regressions, which are ...
Finance and Economics Discussion Series , Paper 2020-046

Working Paper
Decomposing Outcome Differences between HBCU and Non-HBCU Institutions
de Zeeuw, Mels; Fazili, Sameera; Hotchkiss, Julie L. (2020-07-16)
This paper investigates differences in outcomes between historically black colleges and universities (HBCU) and traditional college and universities (non-HBCUs) using a standard Oaxaca/Blinder decomposition. This method decomposes differences in observed educational and labor market outcomes between HBCU and non-HBCU students into differences in characteristics (both student and institutional) and differences in how those characteristics translate into differential outcomes. Efforts to control for differences in unobservables between the two types of students are undertaken through ...
FRB Atlanta Working Paper , Paper 2020-10

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