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Jel Classification:I28 

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Precarious slopes? The Great Recession, federal stimulus, and New Jersey schools

While sparse literature exists investigating the impact of the Great Recession on various sectors of the economy, there is virtually no research that studies the effect of the Great Recession, or past recessions, on schools. This paper starts to fill the void. Studying school funding during the recession is of paramount importance because schools have a fundamental role in fostering human capital formation and economic growth. We exploit unique panel-data and trend-shift analysis to analyze how New Jersey school finances were affected during the Great Recession and the ARRA federal stimulus ...
Staff Reports , Paper 538

Report
Abbott and Bacon Districts: education finances during the Great Recession

In the State of New Jersey, any child between the age of five and eighteen has the constitutional right to a thorough and efficient education. The State of New Jersey also has one of the country?s most rigid policies regarding a balanced budget come fiscal end. When state and local revenues took a big hit in the most recent recession, officials had to make tough decisions about education spending. This paper exploits rich panel data and trend-shift analysis to analyze how school finances in the Abbott and Bacon School Districts, as well as the high-poverty districts in general, were affected ...
Staff Reports , Paper 573

Journal Article
Student Loans Under the Risk of Youth Unemployment

While most college graduates eventually find jobs that match their qualifications, the possibility of long spells of unemployment and/or underemployment?combined with ensuing difficulties in repaying student loans?may limit and even dissuade productive investments in human capital. The author explores the optimal design of student loans when young college graduates can be unemployed and reaches three main conclusions. First, the optimal student loan program must incorporate an unemployment compensation mechanism as a key element, even if unemployment probabilities are endogenous and subject ...
Review , Volume 98 , Issue 2 , Pages 129-158

Working Paper
Student Loans and Repayment: Theory, Evidence and Policy

Rising costs of and returns to college have led to sizeable increases in the demand for student loans in many countries. In the U.S., student loan default rates have also risen for recent cohorts as labor market uncertainty and debt levels have increased. We discuss these trends as well as recent evidence on the extent to which students are able to obtain enough credit for college and the extent to which they are able to repay their student debts after. We then discuss optimal student credit arrangements that balance three important objectives: (i) providing credit for students to access ...
Working Papers , Paper 2014-40

Working Paper
Optimal Need-Based Financial Aid

We study the optimal design of student financial aid as a function of parental income. We derive optimal financial aid formulas in a general model. For a simple model version, we derive mild conditions on primitives under which poorer students receive more aid even without distributional concerns. We quantitatively extend this result to an empirical model of selection into college for the United States that comprises multidimensional heterogeneity, endogenous parental transfers, dropout, labor supply in college, and uncertain returns. Optimal financial aid is strongly declining in parental ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 14

Working Paper
Saving the American Dream? Education Policies in Spatial General Equilibrium

Children's education and economic opportunities differ substantially across US neighborhoods. This paper develops and estimates a spatial equilibrium model that links children's education outcomes to their childhood location. Two endogenous factors determine education choices in each location: local education quality and local labor market access. We estimate the model with US county-level data and study the effects of a school funding equalization on education outcomes and social mobility. The reform's direct effects improve education outcomes among children from low-skill families. However, ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 47

Working Paper
Estimating the Cost Function of Connecticut Public K–12 Education: Implications for Inequity and Inadequacy in School Spending

Facing legal challenges and public pressures, Connecticut needs an objective and rigorous study of its public education costs. This study is the first to estimate the cost function of Connecticut public K–12 education and to evaluate the equity and the adequacy in the state’s school spending based on regression-estimated education costs. It finds large disparities across districts in education costs and cost-adjusted spending. Districts with the largest enrollments, the highestschool-age-child-poverty rates, or the least amount of property wealth, on average, have the highest costs and ...
Working Papers , Paper 20-6

Working Paper
How to Design a State Education Aid Formula That Is Equitable, Adequate, and Politically Feasible: The Case of Connecticut

After being sued for inequity and inadequacy in school funding, many states have reformed their education aid policies. Using Connecticut as an example, this paper shows how to design a state education aid formula that can effectively address funding inequity and inadequacy while taking political feasibility into account. It first develops a measure of the gap between education cost and revenue capacity, both of which are estimated using school district characteristics that are outside the direct control of local officials at any given point in time. It then uses each district’s ...
Working Papers , Paper 21-1

Working Paper
The Roles of State Aid and Local Conditions in Elementary School Test-Score Gaps

Equal educational opportunity is a core American value. Yet many children of low-income or minority racial or ethnic status attend public schools that are lower quality compared with those that white children or high-income children attend. And data indicate that, on average, low-income or minority children score lower on states’ elementary-school accountability tests compared with higher-income children or white children. Such test-score gaps serve as evidence of unequal educational opportunity. This study uses information from metropolitan areas and from school districts to understand ...
Working Papers , Paper 21-2

Working Paper
An Empirical Analysis of Racial Segregation in Higher Education

This descriptive paper documents how segregation between blacks and whites across colleges in the United States has evolved since the 1960s. It also explores potential channels through which changes are occurring, and it uses recent data to study the issue of segregation within colleges. The main findings are as follows: (1) White exposure to blacks has been rising since the 1960s, whereas black exposure to whites increased sharply in the late 1960s and early 1970s and has fluctuated since then. Meanwhile, black-white dissimilarity and the Theil index fell sharply in the late 1960s and early ...
Working Papers (Old Series) , Paper 1435

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