Recession. I next develop a heterogeneous firm model with Bayesian learning and uncertainty shocks to study the aggregate …'s (1982) model of learning in a setting where each firm gradually learns about its own productivity, and each occasionally … experiences a shock forcing it to start learning afresh. Firms differ in their information; more informed firms have lower …

cumulative learning between the first and the nth attempt while controlling for selection into retaking in terms of observed and … unobserved characteristics. Large learning gains measured in terms of improvements in the exam scores are found, especially among …

received treatment. A framework to interpret this result is provided in which learning is the result of student …