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Explaining the Evolution of Educational Attainment in the United States †

Explaining the Evolution of Educational Attainment in the United States † Abstract We study the evolution of educational attainment of the 1932–1972 cohorts using a human capital investment model with heterogeneous learning ability. Inter-cohort variation in schooling is driven by changes in skill prices, tuition, and education quality over time, and average learning ability across cohorts. Under static expectations the model accounts for the main empirical patterns. Rising skill prices for college explain the rapid increase in college graduation until the 1948 cohort. The decline in average learning ability, calibrated to match the evolution of test scores, explains half of the stagnation in college graduation between the 1948 and 1972 cohorts. (JEL I23, I24, I26, J24, J31, N32 ) http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Economic Journal: Macroeconomics American Economic Association

Explaining the Evolution of Educational Attainment in the United States †

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References (77)

Publisher
American Economic Association
Copyright
Copyright © 2016 by the American Economic Association
Subject
Articles
ISSN
1945-7715
eISSN
1945-7715
DOI
10.1257/mac.20130139
Publisher site
See Article on Publisher Site

Abstract

Abstract We study the evolution of educational attainment of the 1932–1972 cohorts using a human capital investment model with heterogeneous learning ability. Inter-cohort variation in schooling is driven by changes in skill prices, tuition, and education quality over time, and average learning ability across cohorts. Under static expectations the model accounts for the main empirical patterns. Rising skill prices for college explain the rapid increase in college graduation until the 1948 cohort. The decline in average learning ability, calibrated to match the evolution of test scores, explains half of the stagnation in college graduation between the 1948 and 1972 cohorts. (JEL I23, I24, I26, J24, J31, N32 )

Journal

American Economic Journal: MacroeconomicsAmerican Economic Association

Published: Jul 1, 2016

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