Does Money Still Matter? Attainment and Earnings Effects of Post-1990 School Finance Reforms
研究了1990年后美国学校财政改革对学生教育成就和劳动力市场结果的影响，发现改革提高了高中毕业率和大学入学率，并增加了年收入，尤其对黑人和女性影响显著。
In two 1992 papers, Card and Krueger used labor market outcomes to study the productivity of school spending. Following their lead, we examine the effects of post-1990 school finance reforms on students’ educational attainment and labor market outcomes. Using a state-by-cohort panel design, we find that reforms increased high school completion and college-going, concentrated among Black students and women, and raised annual earnings. The reforms also increased the return to education, particularly for Black students and men, driven by the return to high school.