Most of our productive knowledge was handed down to us by previous generations. The transfer of knowledge from the old to the young is therefore a cornerstone of productivity growth. We study this process in a model in which the old sell knowledge to the young - - old workers train the young,...

We propose a framework for understanding recurrent historical episodes of vigorous economic expansion accompanied by extreme asset valuations, as exhibited by the U.S. in the 1990s. We interpret this phenomenon as a high-valuation equilibrium with a low effective cost of capital based on...

We construct a perpetual youth DSGE model with aggregate un- certainty in which there are dynamically complete markets and agents have Epstein-Zin preferences. We prove that, when endowments have a realistic hump-shaped age-profile, our model has three steady-state equilibria. One of these...

Mastery learning - the process by which students must demonstrate proficiency with a single topic before moving on - is well recognized as one of the most effective ways to learn, yet many teachers struggle or remain unsure about how to implement it into a classroom setting. This study evaluates...

The pandemic has revived the longstanding debate about the effect of online versus face-to-face instruction on student achievement. The goal of this paper is to provide new evidence on the impact of online versus face-to-face instruction on student learning outcomes, using rich, transcript-level...

Using testing data from 2.1 million students in 10,000 schools in 49 states (plus D.C.), we investigate the role of remote and hybrid instruction in widening gaps in achievement by race and school poverty. We find that remote instruction was a primary driver of widening achievement gaps. Math...

Weak labor markets typically lead young workers to invest in skills. High unemployment during COVID diverged from prior downturns: enrollment at community colleges dropped by 9.5 percent between 2019 and 2020, with the drop larger among men. COVID disruptions generated supply-side impacts on...

One-fifth of U.S. high school students report being bullied each year. We use internet search data for real-time tracking of bullying patterns as COVID-19 disrupted in-person schooling. We first show that, prepandemic, internet searches contain useful information about actual bullying behavior....

We draw on administrative data from the country of Colombia to assess differences in student learning in online and traditional on-campus college programs. The Colombian context is uniquely suited to study this topic, as students take a compulsory exit examination at the end of their studies. We...