this variation to test how the hedonic valuation of school quality varies over the business cycle. Following Black (1999 …), we exploit a regression discontinuity design at elementary school attendance boundaries to test for how the implicit … price of school quality changes. We find that the capitalization of school quality is counter-cyclical. While good schools …

this variation to test how the hedonic valuation of school quality varies over the business cycle. Following Black (1999 …), we exploit a regression discontinuity design at elementary school attendance boundaries to test for how the implicit … price of school quality changes. We find that the capitalization of school quality is counter-cyclical. While good schools …

this variation to test how the hedonic valuation of school quality varies over the business cycle. Following Black (1999 …), we exploit a regression discontinuity design at elementary school attendance boundaries to test for how the implicit … price of school quality changes. We find that the capitalization of school quality is counter-cyclical. While good schools …