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Time Series Evidence
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capita wealth cointegrating vector column compulsory schooling laws correlation cost of schooling Descriptive Statistics East South Central education expenditures education gap educational attainment equation equilibrium errors in parenthesis exogenous expenditures per pupil Goldin and Katz growth in attainment growth in immigration growth rate high school attainment high school graduates high school movement influx of unskilled invest in education lags level of attainment long-run relationship male attainment migration is associated migration's impact number of high number of migrants omitted variable bias Overall Overall p-values in brackets percent level percentage point increase percentage point rise point estimates population movements positively associated private cost proxy pupil expenditures regression relative factor prices return to education schooling costs schooling expenditures schooling investment series evidence short-run significant skill premium skilled labor skilled sector social capital South Central standard deviation increase Standard errors suggests sunk cost Table theory unskilled labor unskilled sector wealth level