Teacher value-added (VA) measures how teachers improve their students' contemporaneous test scores. Many teachers, however, argue that contemporaneous test scores are a poor proxy for their permanent influence on students. This paper considers a new VA measure -- 'long-run VA' -- that captures...

While rising house prices benefit existing homeowners, we document a new channel through which price shocks have intergenerational wealth effects. Using panel data from school zones within a large U.S. school district, we find that higher local house prices lead to improvements in local school...