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Discussion Paper
Did School Districts Offset State Education Funding Cuts?

It’s well known that the Great Recession led to a massive reduction in state government revenues, in spite of the federal government’s attempt to ease budget tightening through American Recovery and Reinvestment Act aid to states. School districts rely heavily on aid from higher levels of government for their funding, and, even with the federal stimulus, total aid to school districts declined sharply in the post-recession years. But the local school budget process gives local residents and school districts a powerful tool to influence school spending. In this post, we summarize our recent ...
Liberty Street Economics , Paper 20141110

Discussion Paper
Catching Up or Falling Behind? New Jersey Schools in the Aftermath of the Great Recession

Today’s post, which complements Monday’s on New York State and a set of interactive graphics released by the New York Fed earlier, assesses the effect of the Great Recession on educational finances in New Jersey. The Great Recession severely restricted state and local funds, which are the main sources of funding for schools. To help avoid steep budget cuts to schools, the federal government allocated $100 billion for education as part of the American Recovery and Reinvestment Act of 2009 (ARRA), also known as the stimulus. The stimulus money was meant to provide temporary relief to ...
Liberty Street Economics , Paper 20130925

Discussion Paper
Unintended Consequences in School Accountability Policies

Over the past two decades, state and federal education policies have tried to hold schools more accountable for educating their students. A common criticism of these policies is that they may induce schools to “game the system” with strategies such as excluding certain types of students from computation of school average test scores. In this post, based on our recent New York Fed staff report, “Vouchers, Responses, and the Test Taking Population: Regression Discontinuity Evidence from Florida,” we investigate whether Florida schools resorted to such strategic behavior in response to a ...
Liberty Street Economics , Paper 20111128

Discussion Paper
What Americans (Don’t) Know about Student Loan Collections

U.S. student debt has more than tripled since 2004, and at over $1 trillion is now substantially greater than both credit card and auto debt balances. There are substantial potential benefits to be gained from taking out a student loan to fund a college education, including higher earnings and lower unemployment rates for college grads. However, there are significant costs to having student debt: The loans frequently carry relatively high interest rates, delinquency is common and costly (involving potential late fees and collection fees), and the federal government has the power to garnish ...
Liberty Street Economics , Paper 20140605

Discussion Paper
Just Released: Press Briefing on Student Loan Borrowing and Repayment Trends, 2015

This morning, Jamie McAndrews, the Director of Research at the Federal Reserve Bank of New York, spoke to the press about the economic recovery, and his speech was followed by a special briefing by New York Fed economists on student loans. Here, we provide a short summary of the student loan briefing.
Liberty Street Economics , Paper 20150416

Discussion Paper
The Class of 2015 Might Have a Little Better Luck Finding a Good Job

With the college graduation season well under way, a new crop of freshly minted graduates is entering the job market and many bright young minds are hoping to land a good first job. It?'s no wonder if they are approaching the job hunt with some trepidation. For a number of years now, recent college graduates have been struggling to find good jobs. However, the labor market for college graduates is improving. After declining for nearly two years, openings for jobs requiring a college degree have picked up since last summer. Not only has this increase in the demand for educated workers ...
Liberty Street Economics , Paper 20150515

Discussion Paper
The Cost of College Continues to Climb

In the first of two posts, our bloggers examine the rising cost of college and whether getting a college degree is still ?worth it.? They update their 2014 study by estimating the cost of college in terms of both out-of-pocket expenses and opportunity costs. They find that the cost of college has increased sharply over the past several years as opportunity costs have increased, substantially owing to a rise in the wages of those without a college degree.
Liberty Street Economics , Paper 20190603

Journal Article
Agricultural Cycles and Implications for the Near Term: Agricultural Symposium 2019

While several indicators suggest that a repeat of the 1980s farm crisis is unlikely, the length of the current agricultural downturn may take a toll.
Economic Review , Issue Special Issue 2019 , Pages 5-25

Journal Article
Long-Run Uncertainties for U.S. Agriculture : Agricultural Symposium 2019

Changes in global food and fuel demand, the effects of climate change, and regional depletion of groundwater resources for irrigation create uncertainty for U.S. farmers.
Economic Review , Issue Special Issue 2019 , Pages 51-84

Discussion Paper
Tough Decisions, Depleted Revenues: Analysis of New Jersey Education Finances during the Great Recession

Today’s post, which complements Monday’s on New York State, considers the Great Recession’s impact on education funding in New Jersey. Using analysis published in our recent staff report, “Precarious Slopes? The Great Recession, Federal Stimulus, and New Jersey Schools,” we examine how school finances were affected during the recession and the ARRA federal stimulus period. We find strong evidence of a significant decline—relative to trend—in school revenues and expenditures following the recession as well as key compositional changes that could affect school financing and ...
Liberty Street Economics , Paper 20120201

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