Do Macroeconomic Crises Always Slow Human Capital Accumulation?
研究了1988-92年秘鲁宏观经济危机对城市学龄儿童上学和就业的影响，发现危机未降低入学率，反而提高了平均受教育年限，可能因为失业儿童有更多时间投入学习。
The impact of macroeconomic crises on \n the investments made by parents in the human capital of \n their children is a question of considerable policy \n importance. Analysis of the effects of the profound 1988-92 \n macroeconomic crisis in Peru on the schooling and employment \n decisions of school-age children in urban areas finds no \n effect on attendance rates but a significant decline in the \n fraction of children who are both employed and attend \n school. It also finds significantly higher mean educational \n attainment for children exposed to the crisis than for those \n who were not. These findings may be related: children who \n are not employed have more time available and may therefore \n put more effort into school.