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In 1910, 12 percent of American 14-17 year olds were enrolled in high school; by 1930, enrollment had increased to 50 percent; enrollment in Britain was 12 percent in 1950. This paper argues that by increasing the skill premium, the massive inflows of European unskilled immigrants at the turn of the twentieth century engendered America's sharp rise in human capital investment. The increased enrollments raised the supply of schools, leading to continued schooling investment. Cross section evidence and a VAR analysis of the time series data support the hypothesized role of immigration in generating the high school movement.

Labor --- Public Finance --- Emigration and Immigration --- Demography --- International Migration --- Economic Growth of Open Economies --- Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income and Wealth: U.S. --- Canada: 1913 --- -Education: General --- Professional Labor Markets --- Occupational Licensing --- National Government Expenditures and Related Policies: General --- Demographic Economics: General --- Education --- Migration, immigration & emigration --- Labour --- income economics --- Public finance & taxation --- Population & demography --- Migration --- Skilled labor --- Expenditure --- Unskilled labor --- Population and demographics --- Emigration and immigration --- Labor market --- Expenditures, Public --- Population --- United States

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We analyze the US public sector balance sheet and project it forward under the assumption that current policies remain in place. We first document the history of the balance sheet and its components since World War II, with a detailed account of its evolution during and after the global financial crisis. While, based on assets and liabilities alone, public sector net worth is negative, additional challenges arise from commitments to future spending implied by current legislation and demographic trends. To quantify the risks to the balance sheet, we then apply the macroeconomic scenarios from the Federal Reserve’s bank stress test to the public sector balance sheet.

Public welfare --- Accounting --- Investments: General --- Macroeconomics --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income and Wealth: U.S. --- Canada: 1913 --- -Public Administration --- Public Sector Accounting and Audits --- Public Enterprises --- Public-Private Enterprises --- Social Security and Public Pensions --- General Financial Markets: General (includes Measurement and Data) --- Financial Crises --- Financial reporting, financial statements --- Civil service & public sector --- Pensions --- Investment & securities --- Economic & financial crises & disasters --- Public finance & taxation --- Financial statements --- Public sector --- Pension spending --- Securities --- Global financial crisis of 2008-2009 --- Public financial management (PFM) --- Expenditure --- Economic sectors --- Financial institutions --- Public debt --- Finance, Public --- Financial instruments --- Global Financial Crisis, 2008-2009 --- Debts, Public --- United States