The authors extend the standard education production function and student time allocation analysis to focus on the interactions between student effort and performance over the semester. The purged instrumental variable technique is used to obtain consistent estimators of the structural...

Sparked by rising defaults on subprime mortgages, the financial turmoil of 2007 and 2008 threatened the stability of the worldwide financial system and led to unprecedented interventions in financial markets by central banks and other governmental institutions. This essay describes and explains...