We present estimates of the private and fiscal returns to schooling in 14 European Union countries. Estimates of the private returns to post-compulsory formal education take into account the effects of schooling on wages and employment probabilities and allow for academic failure rates, the...

Over the period 19952006 the Spanish economy experienced a rapid increase in employment and output growth, a surge in investment over GDP, a substantial deterioration in the current account balance and an improvement in the finances of the social security system. This paper presents a dynamic...