Using the 2008-09 Global financial crisis and the 2012 Euro area sovereign debt crisis as natural experiments, we investigate the effects of contractions in credit supply on R&D spending in a large sample of European firms. Our identification strategy exploits differences in financial...

Before the outbreak of the coronavirus (COVID-19) pandemic, discussions were already taking place on how to complete Economic and Monetary Union (EMU) and increase its resilience, inter alia, by speeding up economic convergence. The impact of the current unprecedented crisis on the euro area...

Using mobility report card data, I show graduates of less selective universities experience more adverse impacts of graduating in a recession. I highlight one mechanism: during recessions employers stop recruiting at less selective universities. Using a unique dataset of employer recruiting...

In this study I examine the impact of fluctuations in the unemployment rate before high school graduation on educational attainment measured 30 years later. I find evidence that educational attainment is countercyclical, as found in other studies, but also find that the impact of the...

This paper empirically analyzes the effects of immigration on the schooling decisions of natives. We employ household-level data for Spain for years 2000-2012, a period characterized by a large immigration wave and a severe recession. Our estimates reveal that Spanish households responded to...

Globalisation, together with skill-biased technical change, is changing the composition of jobs in advanced economies and raising the level of skills required to do them. This has increased the importance of educating a large proportion of the population to much higher standards than in the...

In this study I examine the impact of fluctuations in the unemployment rate before high school graduation on educational attainment measured 30 years later. I find evidence that educational attainment is countercyclical, as found in other studies, but also find that the impact of the...

The U.S. economy continues to be characterized by a persistently-high rate of unemployment, with at least another three years before attainment of the pre-recession unemployment rate.Six significant structural trends are identified and their impacts discerned. The pernicious impact of...

This paper asks whether funding for public schools affects parents' decision to send their children to private schools. In the wake of the Great Recession, funding for public K-12 education fell precipitously in the United States and stayed low for several years. Critically, states with greater...