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Keywords:ARRA 

Report
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

Working Paper
Macro fiscal policy in economic unions: states as agents

An important component of the American Recovery and Reinvestment Act?s (ARRA?s) $796 billion proposed stimulus budget was $318 billion in fiscal assistance to state and local governments, yet the authors have no precise estimates of the impact of such assistance on the macroeconomy. In evaluating ARRA, both the Council of Economic Advisors (CEA) and the Congressional Budget Office (CBO) used instead the impacts of direct federal spending and tax relief. These estimates miss the role of states as agents. The authors provide estimates of aid?s multiplier effects allowing explicitly for state ...
Working Papers , Paper 14-20

Report
Still not out of the woods? New Jersey schools during the recession and beyond

Schools are essential in forming human capital and in improving the long-term health of the economy. They are also heavily reliant on state and local funds, which were severely depleted during the Great Recession. To alleviate some of the strain on local budgets, the federal government passed and implemented a large stimulus package, which included funds for school districts. However, the stimulus funds were drawn down beginning in 2011, at a time when state and local revenues were still under pressure. In this paper, we use a detailed panel data set of all school districts in New Jersey for ...
Staff Reports , Paper 632

Report
The long road to recovery: New York Schools in the aftermath of the Great Recession

Schools play a crucial role in human capital development, and were one of the many elements of government adversely affected by the Great Recession. Using a rich panel data set of New York State school districts and a trend-shift analysis, we examine how the funding and expenditure dynamics of districts have changed in the four years since the recession hit. We find that although the stimulus prevented major cuts to expenditures while it was in place, once the stimulus funding was used up districts faced strong budget constraints and made deep cuts to their expenditures. While state and local ...
Staff Reports , Paper 631

Journal Article
A tale of two states: the recession’s impact on N.Y. and N.J. school finances

Although schools play a crucial role in human capital formation and economic growth, relatively few studies consider the effect of recessions (and in particular the Great Recession) on schools. This article helps fill this gap by comparing and contrasting the effects of the Great Recession on school districts in New York and New Jersey. In fact, it is the first article to compare the impacts of the Great Recession on schools in different states. The authors find that the two states had very different experiences in the two years following the recession. While total school funding in New York ...
Economic Policy Review , Issue 23-1 , Pages 30-42

Journal Article
The Long Road to Recovery: New York Schools in the Aftermath of the Great Recession

Using rich panel data and an interrupted time-series analysis, the authors examine how the funding and expenditure dynamics of New York school districts changed in the four years after the Great Recession. Extending prior work on the immediate effects of the recession on school finances in 2009-10 in Chakrabarti, Livingston, and Setren (2015), they take a longer-term view through 2012, to document what happened when support from federal stimulus funding began to dwindle and then ended. The analysis finds that the more than $6 billion in support from the American Recovery and Reinvestment Act ...
Economic Policy Review , Volume 25 , Issue Dec

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

Discussion Paper
How Did the Great Recession Affect New York State's Public Schools?

Surprisingly, there is no literature on how recessions (including the Great Recession) have affected schools. Perhaps this is because educational funding stresses and decisions vary among and within states, which makes it hard to reach general conclusions. Yet schools play an indispensable role in our society, educating the populace and building the nation?s future. Therefore, it is important to understand how the Great Recession is affecting public spending on schools, the delivery of education services, and student learning. In this post, we analyze one state?s experience, drawing on our ...
Liberty Street Economics , Paper 20120130

Discussion Paper
How Did Education Financing in New Jersey’s Abbott Districts Fare during the Great Recession?

In the state of New Jersey, any child between the ages of five and eighteen has the constitutional right to a thorough and efficient education. The state also has one of the country?s most rigid policies regarding a balanced budget. When state and local revenues took a big hit in the most recent recession, officials had to make tough decisions about education spending. In this post, we analyze education financing and spending in two groups of high-poverty districts during the Great Recession and the ARRA (American Recovery and Reinvestment Act of 2009) federal stimulus period?the Abbott and ...
Liberty Street Economics , Paper 20130206

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