Business Cycles, Race, and Investment in Graduate Education
Vicki L. Bogan () and
Di Wu ()
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Vicki L. Bogan: Cornell University
Di Wu: Edgeworth Economics, LLC
Journal of Economics, Race, and Policy, 2018, vol. 1, issue 2, 142-175
Abstract This paper examines how macroeconomic factors influence household decision making with regard to human capital investment. We provide evidence suggestive of a causal relationship between macroeconomic indicators and the decision to pursue graduate education. Overall, we find graduate school enrollment is counter-cyclical with the business cycle and the magnitude of the relationship between macroeconomic indicators and the specific type of graduate school programs varies. In particular, we find differential racial effects of the business cycle on graduate school enrollment. The magnitude of the effects of the business cycle on graduate school enrollment is greater for some under-represented minority groups.
Keywords: Human capital investment; Business cycles; Education (search for similar items in EconPapers)
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