This paper uses new administrative data with detailed borrower information and lengthy repayment histories from the Canada Student Loans Program (CSLP) to mea- sure rates of return on undergraduate student loans. We document substantial heterogeneity in returns based on information available at...

This paper shows that repeated cross-section data with multiple skill measures (one continuous and repeated) available each period are sufficient to nonparametrically identify the evolution of skill returns and cross-sectional skill distributions. With panel data and the same available...

Using unique survey and administrative data from the Canada Student Loans Program, we document that parental support and personal savings substantially lower student loan repayment problems. We develop a theoretical model for studying student borrowing and repayment in the presence of risky...

The basic canonical model fails to predict the aggregate college premium outside of the original sample period (1963-1987) or to account for the observed deviations in college premia for younger vs. older workers. This paper documents that these failings are due to mis-measurement of the...

Economists disagree about the factors driving the substantial increase in residual wage inequality in the U.S. over the past few decades. We identify and estimate a general model of log wage residuals that incorporates: (i) changing returns to unobserved skills, (ii) a changing distribution of...

This paper estimates the effects of educational attainment and school quality on crime among American women. Using changes in compulsory schooling laws as instruments, we estimate significant effects of schooling attainment on the probability of incarceration using Census data from 1960-1980....

We develop a dynastic human capital investment framework to study the importance of potential market failures - family borrowing constraints and uninsured labor market risk - as well as the process of intergenerational ability transmission in determining human capital investments in children at...

This paper studies the multidimensional nature of investments in children within a dynamic framework. In particular, we examine the roles of parental time investments, purchased home goods/services inputs, and market-based child care services. We first document strong increases in total...

Parents spend considerable time and resources investing in their children's development. Given evidence that the Earned Income Tax Credit (EITC) affects maternal labor supply, we investigate how the EITC affects a broad array of time-use activities, focusing on the amount and nature of time...