Does student aid increase college attendance or simply subsidize costs for infra-marginal students? Settling the question empirically is a challenge, because aid is correlated with many characteristics that influence educational investment decisions. A shift in financial aid policy that affects...

This paper estimates a dynamic model of schooling attainment to investigate the sources of discrepancy by race and ethnicity in college attendance. When the returns to college education rose, college enrollment of whites responded much more quickly than that of minorities. Parental income is a...

Previous measures of the incidence of public investment in higher education focus on the transfer to public college students. This implies that the net benefits to students who do not attend public colleges is negative. However, they miss potential general equilibrium effects on the private...

Tracking is widespread in U.S. education. In post-secondary education alone, at least 71% of colleges use a test to track students. However, there are concerns that the most frequently used college placement exams lack validity and reliability, and unnecessarily place students from...

This paper examines inequalities in the match between student and degree quality using linked administrative data from schools, universities and tax authorities. We analyse two measures of match at the university-subject level: undergraduate enrollment qualifications, and graduate earnings. We...

Students who attend different colleges in the U.S. end up with vastly different economic outcomes. We study the role of relative value-added across colleges within student choice sets in producing these outcome disparities. Linking high school, college, and earnings registries spanning the state...

While college enrollment has more-than doubled since 1970, elite colleges have barely increased supply, instead reducing admit rates. We show that straightforward reasons cannot explain this behavior. We propose a model where colleges compete on prestige, measured using relative selectivity or...

The Post 9/11 GI Bill (PGIB) is among the largest and most generous college subsidies enacted thus far in the U.S. We examine the impact of the PGIB on veterans' college-going, degree completion, federal education tax benefit utilization, and long run earnings. Among veterans potentially induced...

Using detailed admissions data made public in the SFFA v. Harvard and SFFA v. UNC cases, we examine how racial preferences for under-represented minorities (URMs) affect their admissions to Harvard and UNC-Chapel Hill. At Harvard, the admit rates for typical African American applicants are on...

This paper documents differences across higher-education courses in the coverage of frontier knowledge. Comparing the text of 1.7M syllabi and 20M academic articles, we construct the "education-innovation gap," a syllabus's relative proximity to old and new knowledge. We show that courses differ...