States differ substantially in higher education policies. Little is known about the effects of state policies on the performance of public colleges and universities, largely because no clear measures of college quality exist. In this paper, I estimate the average quality of public colleges of...

In an analytically tractable model of the global economy, we calculate the Pareto improvement where a country experiencing a favourable supply side shock consumes more against expected future output and spreads the risk by selling shares. With capital inflows to finance the "New Economy";...