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Category Archives: Financial System

Mobility Report Cards: The Role of Colleges in Intergenerational Mobility

Mobility Report Cards: The Role of Colleges in Intergenerational Mobility. Raj Chetty, Stanford University and NBER; John N. Friedman, Brown University and NBER; Emmanuel Saez, UC-Berkeley and NBER; Nicholas Turner, US Treasury; Danny Yagan, UC-Berkeley and NBER. January 2017.

“We characterize rates of intergenerational income mobility at each college in the United States using administrative data for over 30 million college students from 1999-2013. We document four results. First, access to colleges varies greatly by parent income. For example, children whose parents are in the top 1% of the income distribution are 77 times more likely to attend an Ivy League college than those whose parents are in the bottom income quintile. Second, children from low and high-income families have very similar earnings outcomes conditional on the college they attend, indicating that there is little mismatch of low socioeconomic status students to selective colleges. Third, upward mobility rates – measured, for instance, by the fraction of students who come from families in the bottom income quintile and reach the top quintile – vary substantially across colleges. Much of this variation is driven by differences in the fraction of students from low-income families across colleges whose students have similar earnings outcomes. Mid-tier public universities such as the City University of New York and California State colleges tend to have the highest rates of bottom-to-top quintile mobility. Elite private colleges, such as Ivy League universities, have the highest rates of upper-tail (e.g., bottom quintile to top 1%) mobility. Finally, between the 1980 and 1991 birth cohorts, the fraction of students from bottom-quintile families fell sharply at colleges with high rates of bottom-to-top-quintile mobility, and did not change substantially at elite private institutions. Although our descriptive analysis does not identify colleges’ causal effects on students’ outcomes, the publicly available statistics constructed here highlight colleges that deserve further study as potential engines of upward mobility.”

A Comparison between the College Scorecard and Mobility Report Cards

Via Treasury – By: Adam Looney 1/19/2017 – “In 2015, the Department of Education launched the College Scorecard, a vast database of student outcomes at specific colleges and universities developed from a variety of administrative data sources. The Scorecard provides the most comprehensive and accurate information available on the post-enrollment outcomes of students, like whether… Continue Reading

Paper – Regulating Information

Bird, Andrew and Karolyi, Stephen A. and Ruchti, Thomas G., Regulating Information (October 18, 2016). Available for download at SSRN: https://ssrn.com/abstract=2901650 “The SEC regulates and standardizes information production in financial markets through financial reporting standards. With a novel dataset exploiting institutional features of the standard setting process. On average, standards increase aggregate market value by… Continue Reading

Pew – Public Sees Wealthy People, Corporations Gaining Influence in Trump Era

“As President-elect Donald Trump prepares to take office, the public has starkly different expectations about which groups in society will gain influence – and those that will lose influence – under his administration. Nearly two-thirds of Americans (64%) say wealthy people will gain influence in Washington when Trump takes office. Just 8% say they will… Continue Reading

Beige Book Summary of Commentary on Current Economic Conditions By Federal Reserve District January 2017

Overall Economic Activity – “Reports from the twelve Federal Reserve Districts indicated that the economy continued to expand at a modest pace across most regions from late November through the end of the year. Manufacturers in most Districts reported increased sales with several citing a turnaround versus earlier in 2016. Growth in the energy industry… Continue Reading

GAO Report to Congress – Nation’s Fiscal Health

The Nation’s Fiscal Health: Action is Needed to Address the Federal Government’s Fiscal Future, GAO-17-237SP: Published: Jan 17, 2017. Publicly Released: Jan 17, 2017: “The federal government is on an unsustainable fiscal path. Federal spending continues to outpace revenue—by $587 billion in 2016—and, absent policy changes, the structural gap between revenues and spending puts the… Continue Reading

CBO’s Long-Term Projections of Labor Force Participation

“In preparing the economic forecast underlying its forthcoming report on the budget and economic outlook, CBO updated its projections of labor force participation. In this blog post, we explain those updates and compare them with the agency’s previous projections and with those of the Social Security Trustees. The full economic forecast will be described in… Continue Reading

OECD – Tackling Wasteful Spending on Health

“Following a brief pause after the economic crisis, health expenditure is rising again in most OECD countries. Yet, a considerable part of this health expenditure makes little or no contribution to improving people’s health. In some cases, it even results in worse health outcomes. Countries could potentially spend significantly less on health care with no… Continue Reading

Oxfam – Just 8 Men Own Same Wealth as Half the World

News release: “Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today ahead of the annual meeting of political and business leaders in Davos, Switzerland:  Oxfam’s report, “An economy for the 99 percent,” shows that the gap… Continue Reading

Report – Fostering The Advancement of the Internet of Things

Department of Commerce Internet Policy Task Force & Digital Economy Leadership Team report, Fostering the Advancement of the Internet of Things, January 2017. “The Internet of Things (IoT) – in which connected devices are proliferating at an unprecedented rate–is a technological development that is transforming the way we live and do business. IoT continues the… Continue Reading

The Inclusive Growth and Development Report 2017

World Economic Forum, The Inclusive Growth and Development Report 2017, Published Monday 16 January 2017: “Around the world, no bigger policy challenge preoccupies leaders than expanding social participation in the process and benefits of economic growth. The report, which covers 109 economies, seeks to improve our understanding of how countries can use a diverse spectrum… Continue Reading

2017 Report on the State of the Legal Market: Stagnation, Innovation & What Lies Ahead

The “2017 Report on the State of the Legal Market”: Stagnation, Innovation & What Lies Ahead January 12, 2017. “Law firms must find ways to effectively adapt to evolving competitive conditions — including the effective demise of the billable hour — or risk further erosion of their market positions. At the same time, the changing… Continue Reading