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Business Cycles, Race, and Investment in Graduate Education

Author

Listed:
  • Vicki L. Bogan

    (Cornell University)

  • Di Wu

    (Edgeworth Economics, LLC)

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.

Suggested Citation

  • Vicki L. Bogan & Di Wu, 2018. "Business Cycles, Race, and Investment in Graduate Education," Journal of Economics, Race, and Policy, Springer, vol. 1(2), pages 142-175, September.
    • Handle: RePEc:spr:joerap:v:1:y:2018:i:2:d:10.1007_s41996-018-0004-x
    DOI: 10.1007/s41996-018-0004-x
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    References listed on IDEAS

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    1. Bedard, Kelly & Herman, Douglas A., 2008. "Who goes to graduate/professional school? The importance of economic fluctuations, undergraduate field, and ability," Economics of Education Review, Elsevier, vol. 27(2), pages 197-210, April.
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