This paper examines the long-run effects of the 1980-1982 recession on education and income. Using confidential Census … capita in their county of birth reduces four-year college degree attainment by 10 percent and income in adulthood by 3 … graduates and $42-$87 billion less earned income per year. …

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …