Local Labor Markets and Human Capital Investments
研究人力资本投资是否基于地方而非全国需求，分析三次行业冲击对大学专业选择的影响，发现迁移摩擦而非信息摩擦是主要原因，提示基于全国需求鼓励人力资本投资可能加剧错配。
I study whether human capital investments are based on local rather than national demand, and whether this is explained by migration or information frictions. I analyze three sector-specific shocks with differential local effects, including the dot-com crash, the 2008 financial crisis, and a shock transforming Delaware into an international financial center. I find universities in areas more exposed to sectoral shocks experience greater changes in sector-relevant majors. Using rich student-level data, I find this is not explained by information frictions, but more likely by migration frictions. The results suggest encouraging human capital investments based on national demand may increase mismatch.