I use variation in ex-ante school fee payments to measure how Free Secondary Education (FSE) affected primary students in Tanzania. I first confirm FSE increased secondary access: secondary enrollments rose, household spending on secondary school fees plummeted, and elites’ transition premium...

I use variation in ex-ante school fee payments to measure how Free Secondary Education (FSE) affected primary students in Tanzania. I first confirm FSE increased secondary access: secondary enrollments rose, household spending on secondary school fees plummeted, and elites’ transition premium...

We examine several measures of uncertainty to make five points. First, equity market traders and executives at nonfinancial firms have shared similar assessments about one-year-ahead uncertainty since the pandemic struck. Both the one-year VIX and our survey-based measure of firm-level...