In this note we study the allocation and exchange of discrete resources in environ- ments in which monetary transfers are not allowed. We allow each discrete resource to be represented by several copies, extend onto this environment the trading cycles mechanisms of Pycia and Ünver [2009], and...

Despite education's fundamental role in human capital formation and growth, there is no research that examines the effect of the Great Recession (or any other recession) on schools. Our paper begins to fill this gap. Exploiting detailed data on school finance indicators and an analysis of trend...

Schools play a crucial role in human capital development, and were one of the many elements of government adversely affected by the Great Recession. Using a rich panel data set of New York State school districts and a trend-shift analysis, we examine how the funding and expenditure dynamics of...