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Journal Article
Trends in Expenditures by US Colleges and Universities, 1987-2013
This Economic Commentary studies trends in spending by US colleges and universities in broad expenditure categories between 1987 and 2013. The results reveal that spending per student has risen in most major spending categories. This is true for both public institutions and private institutions. However, spending has risen more dramatically in some categories than others. For example, research is one category that has witnessed among the highest spending growth, and in percentage terms, there has also been a large increase in student services spending.
Journal Article
Trends in Revenues at US Colleges and Universities, 1987-2013
This Economic Commentary studies trends in inflated-adjusted revenues per student at US colleges and universities in broad revenue categories between 1987 and 2013. The findings show that, as is widely perceived, tuition revenue has risen over time at both public and private institutions. In recent years, tuition revenue at public institutions has been nearly as large a source of revenue as state and local government funding has been. Revenue from state and local governments has fluctuated at public institutions but has generally fallen over time, whereas funding from the federal government ...
Speech
Why I Want You to Study Economics: Increasing Diversity, Inclusion, and Opportunity in Economics; 04-04-18; Central State University College of Business, Wilberforce, OH
Part of the Leaders, Executives, Entrepreneurs, and Directors (LEED) Program. At the Federal Reserve, we are proud of the fact that while the first two attempts at central banks in the U.S. lasted only 20 years each, the Fed is in its 105th year. But Central State is even older. Founded in 1887, the university recently celebrated its 131st birthday. Central State?s designation as a historically black college and its focus on providing a high-quality academic experience to all students are things to be proud of. They make this university a very good place for me to speak about the benefits of ...
Working Paper
Who Values Access to College?
At first glance, college appears to be of great value to most, given its mean returns and sharply subsidized tuition. An empirically-disciplined human capital model that allows for variation in college readiness suggests otherwise: Nearly half of high school completers place zero value on access to college. This renders blanket subsidies potentially inefficient. As proof of principle, we show that redirecting subsidies away from those who would nonetheless enroll--towards a stock index retirement fund for those who do not even when college is subsidized--increases ex-ante welfare by 1 percent ...
Discussion Paper
Hispanic Postsecondary Enrollment Increases Throughout the Fifth District
Colleges and universities across the country have become more racially and ethnically diverse over the last decade. While 62.6 percent of students enrolled in higher education in the U.S. identified as white in 2010, that rate had fallen to 54.0 percent in 2020. (Note: throughout the article, white refers to non-Hispanic white and Black refers to non-Hispanic Black.) The percentage of students identifying as Black also fell, declining from 15.0 percent in 2010 to 13.1 percent in 2020. So which minority groups experienced growth? While the Asian share of enrollment grew from 6.3 percent to 7.7 ...
Journal Article
Upfront: New from the Richmond Fed’s Regional Matters blog
Discussion Paper
Do Expansions in Health Insurance Affect Student Loan Outcomes?
The Patient Protection and Affordable Care Act (ACA) is arguably the biggest policy intervention in health insurance in the United States since the passage of Medicaid and Medicare in 1965. The Act was signed into law in March 2010, and by 2016 approximately 20 to 24 million additional Americans were covered with health insurance. Such an extension of insurance coverage could affect not only medical bills, but also educational, employment, and broader financial outcomes. In this post, we take an initial look at the relationship between the ACA and higher education financing choices and ...
Journal Article
Trends in Employment at US Colleges and Universities, 1987–2013
This Economic Commentary studies employment at colleges and universities in the United States between 1987 and 2013. Some of the results from this analysis are in line with conventional wisdom. For example, I document that a declining proportion of faculty are full-time employees. On the other hand, some of the results are counter to popular belief. For example, I find that the share of college employees who are executives, administrators, or managers has not changed appreciably over time.
Journal Article
College Endowments
This Economic Commentary documents the large dispersion in the value of college endowments across institutions and also shows how endowment values have changed over time. It also provides information on the number of institutions that may be affected by the new federal "endowment tax" and how that number may fluctuate over time.
Working Paper
Navigating Higher Education Insurance: An Experimental Study on Demand and Adverse Selection
We conduct a survey-based experiment with 2,776 students at a non-profit university to analyze income insurance demand in education financing. We offered students a hypothetical choice: either a federal loan with income-driven repayment or an income-share agreement (ISA), with randomized framingof downside protections. Emphasizing income insurance increased ISA uptake by 43%. We observe that students are responsive to changes in contract terms and possible student loan cancellation, which is evidence of preference adjustment or adverse selection. Our results indicate that framing specific ...