Several studies among recent empirical work have suggested that the systematic behavior of lending standards over the business cycle, with laxer standards applied during expansions and tighter standards applied during recessions, may be responsible for driving economic fluctuations. We build a...

Educational attainment varies greatly across countries and within countries over time. This paper asks whether the variation in education is primarily due to structural change or to within industry skill upgrading. The main finding is that within industry variation accounts for at least 2/3 of...