This article addresses the impact of economic climate, and particularly of the Great Recession, on the configuration of educational expectations among students around 14 years old. We analyze expectations regarding educational attainment conditional on school performance and compare our results...

In their introduction to the special issue of the Review of Economic Dynamics on "Great Depressions of the 20th Century" (Vol. 5, 2002), Timothy J. Kehoe and Edward C. Prescott argue that in the last few years "great depressions" have hit two rich countries: New Zealand and Switzerland. We...