Robert Tamura | Clemson University (original) (raw)

Papers by Robert Tamura

The New Palgrave Dictionary of Economics, Apr 25, 2008

Social Science Research Network, 2008

This paper documents the existence of a negative cross-sectional correlation between the price of... more This paper documents the existence of a negative cross-sectional correlation between the price of living space and fertility using U.S. Census data over the period 1940-2000. This correlation is not spurious, nor does it reflect the tendency of larger families to locate within lessexpensive areas of a given metropolitan area. We examine the extent to which the results reflect the sorting of married couples across metropolitan areas on desired fertility. The relationship between the unit price of living space and fertility in fact tends to be more negative for households that have moved recently. However, the probability of migration between metropolitan areas is smaller for larger families, even those originating in more expensive cities. Moreover, Durbin-Wu-Hausman tests reveal only limited evidence of endogeneity. The weaker effects of the price of living space for less mobile couples seems to be at least in part a result of their choosing to live in less-expensive portions within a given metropolitan area. "Increased splendor, with higher prices for the necessaries of life, keep men from marrying in the cities." Johann Suessmilch, 1760 (in Adna F. Weber, 1899, p. 330). 1. Introduction A good deal of research has examined the emergence of low fertility rates in Europe. Kohler et. al. (2002) investigates the emergence of what they call "lowest-low fertility" in Europe. Among other factors, they noted that the availability of housing was of particular concern, especially in Italy and Spain. Recent research by Giannelli and Monfardini (2003) found that the price of housing had an effect on household membership among Italian youths. The importance of housing in the family economic decisions is not limited to Europe. Recently, Egan (2005) wrote in the New York Times that "Portland is one of the nation's top draws for the kind of educated, self-starting urbanites that midsize cities are competing to attract. But … [o]fficials say that the very things that attract people who revitalize a city-dense vertical housing, fashionable restaurants and shops and mass transit that makes a car unnecessary-are driving out children by making the neighborhoods too expensive for young families." To take another example, San Francisco is legendary for the small fraction of children in its population, due at least in part to its high cost of housing, with a median price of about $700 thousand (Gonazales 2005). This paper examines the relationship between fertility and the price of living space across metropolitan areas. A growing literature, much of it focused on developing countries, has found just such a relationship. Although researchers have used U.S. data to examine the relationship between the price of living space and living arrangements (Hughes 2003; Borsch-Supan 1986; Haurin et. al. 1993), there is, to our knowledge no work on fertility per se. This paper examines the relationship between fertility and the scarcity of living space across U.S. metropolitan areas over the period 1940-2000 using data from the Integrated Public Use Microdata Samples (IPUMS) and the 1985-96 American Housing Surveys (AHS). To

Macroeconomic Dynamics, Jul 28, 2022

We estimate the elasticity of substitution between high-skill and low-skill workers using panel d... more We estimate the elasticity of substitution between high-skill and low-skill workers using panel data from 32 countries during 1970-2015. Most existing estimates, which are based only on U.S. micro data, find a value close to 1.6. We bring international data together with a theory-informed macro approach to provide new evidence on this important macroeconomic parameter. Using the macro approach we find that the elasticity of substitution between tertiary-educated workers and those with lower education levels falls between 1.8 and 2.6, which is higher than previous estimates but within a plausible range. In some specifications, estimated elasticity is above the value required for strong skill-bias of technology, suggesting strong skill-bias is not implausible.

Social Science Research Network, 2008

This paper introduces a new data set of state-level physical capital in the United States from 18... more This paper introduces a new data set of state-level physical capital in the United States from 1840 to 2000. The new data is combined with measures of the labor force, human capital, land, and output by state to perform traditional accounting decompositions. Growth in measured inputs accounts for three-fourths of output growth, but variation in the level or growth of measured inputs accounts for only one-third of the variation in the level or growth of output. Our methodology is comparable to that used for crosscountry accounting studies, and yields a quantitatively similar conclusion: most cross-state and crosscountry variation in levels or growth rates is driven by variation in TFP. One interpretation is that while states have less institutional and technological heterogeneity (and consequently less TFP variation), this is matched equally by less input heterogeneity, with the relative importance of TFP and inputs remaining constant throughout the process of output per worker convergence. In this case, the relative importance of inputs and TFP may constitute a robust fact that applies across a variety of settings.

RePEc: Research Papers in Economics, 1992

ABSTRACT The effects of regional differences in population and per capita human capital on income... more ABSTRACT The effects of regional differences in population and per capita human capital on income levels and economic growth rates are examined. Sufficient human capital heterogeneity can reduce specialization and inhibit the formation of large markets. The model contains static and dynamic agglomeration economies of market participation. Thus human capital heterogeneity can lower per capita income, and economic growth rates. Over time human capital accumulation reduces heterogeneity, thereby producing market expansion. Numerical solutions indicate that the first regions to integrate into a larger market are the higher human capital regions.

RePEc: Research Papers in Economics, 1991

An endogenous growth model arising from task specialization is used to examine the effects of dif... more An endogenous growth model arising from task specialization is used to examine the effects of differing initial human capital distributions. Two macroeconomic phenomena are produced: income convergence and leapfrogging of living standards. Income convergence occurs for all countries in the same market, arising from diminishing returns to individual human capital. Leapfrogging occurs by comparing countries in two separate markets. Income leapfrogging can occur because the stationary growth rate increases with market size, and human capital heterogeneity reduces growth. The introduction of coordination costs of task assignment can produce gains in welfare and growth from human capital heterogeneity.

RePEc: Research Papers in Economics, 2003

We examine the connection between the creation of stock exchanges and economic growth with a new ... more We examine the connection between the creation of stock exchanges and economic growth with a new set of data on economic growth that spans a longer time period than generally available. We find that economic growth increases relative to the rest of the world after a stock exchange opens. Our evidence indicates that increased growth of productivity is the primary way that a stock exchange increases the growth rate of output, rather than an increase in the growth rate of physical capital. We also find that financial deepening is rapid before the creation of a stock exchange and slower subsequently.

RePEc: Research Papers in Economics, 1991

RePEc: Research Papers in Economics, Jul 10, 2007

RePEc: Research Papers in Economics, 1996

ABSTRACT Evidence shows that real-effort investments can affect bilateral bargaining outcomes. Th... more ABSTRACT Evidence shows that real-effort investments can affect bilateral bargaining outcomes. This paper investigates whether similar investments can inhibit equilibrium convergence of experimental markets. In one treatment, sellers’ relative effort affects the allocation of production costs, but a random productivity shock ensures that the allocation is not necessarily equitable. In another treatment, sellers’ effort increases the buyers’ valuation of a good. We find that effort investments have a short-lived impact on trading behavior when sellers’ effort benefits buyers, but no effect when effort determines cost allocation. Efficiency rates are high and do not differ across treatments.

RePEc: Research Papers in Economics, 2002

This paper develops a general equilibrium model of fertility and human capital investment with yo... more This paper develops a general equilibrium model of fertility and human capital investment with young adult mortality. Parents maximize expected utility producing a precautionary demand for children. Because young adult mortality is negatively related to average young adult human capital, human capital accumulation lowers mortality, inducing a demographic transition and an industrial revolution. Data confirm the model prediction that young adult mortality affects human capital investments. The model prediction of a positive relationship between infant mortality and young adult mortality is confirmed. Further, the data indicate a negative relationship between total factor productivity growth and accumulation of schooling. The model fits the data on world and country populations, per capita incomes, age at entry into the labor force, total fertility rates, infant mortality, life expectancy, and conditional life expectancy.

RePEc: Research Papers in Economics, 2002

The authors examine the relative importance of the growth of physical and human capital and the g... more The authors examine the relative importance of the growth of physical and human capital and the growth of total factor productivity (TFP) using newly organized data on 145 countries that span more than one hundred years for twenty-four of these countries. For all countries, only 3 percent of average output growth per worker is associated with TFP growth. This world average masks interesting variations across countries and regions. Of the nine regions, TFP growth accounts for about twenty percent of average output growth in three regions and between ten and zero percent in the other three regions. In three regions, TFP growth is negative on average. The authors use priors from theories to construct estimates of the relative importance of the variances of aggregate input growth and TFP growth for the variance of output growth across countries. Across all countries, variation in aggregate input growth per worker could account for as much as 35 percent of the variance of the growth of output per worker across countries, and variation in TFP growth could account for as much as 87 percent of that variance. Much of the importance of the variance of TFP growth appears to be associated with negative TFP growth.

STIN, Aug 1, 1981

Research was conducted to determine the direct employment and earnings implications of regional b... more Research was conducted to determine the direct employment and earnings implications of regional biomass energy utilization. Details of the primary data collected during the course of the investigation are provided. A case studies approach was used to observe and analyze various biomass energy systems. Visits were made to existing biomass facilities and data on their operation and employment requirements were

We propose a new macroeconomic mechanism for generating patterns in age-earnings profiles based o... more We propose a new macroeconomic mechanism for generating patterns in age-earnings profiles based on directed technical change. The mechanism does not depend on changes in the human capital of the individual; rather differences in the human capital shares of age groups affect the profitability of developing age-specific technologies, biasing innovation toward improving the productivity of workers whose cohorts provide large shares of the labor force's human capital. The theory should be taken as supplemental to (rather than replacing) human-capital-based theories of age-earnings profiles. Using recently developed data and human capital estimates, we simulate reductions in wages due to age-biased directed technical change over workers' lives for most of the world's nations over two centuries. Our simulations indicate that age-specific directed technical change contributes to wage concavity for the average country by cohort group. Because younger workers make up a larger sha...

For anyone curious about human history over a long period of time, measured in centuries, not yea... more For anyone curious about human history over a long period of time, measured in centuries, not years or quarters, this book provides a unique perspective of the human experience. While recent economists and evolutionary biologists have focused on living standards and population, e.g., Jones (2001), Kremer (1993), Diamond (1999), Galor (2004) and Tamura (2004), this book is more micro-oriented. By this I mean that the book is first and foremost about identifying significant individuals, events and discoveries throughout mankind's history. These significant individuals and events are then aggregated across space, normalized by population and indexed by time. Murray then proceeds to analyze the cross section and the time series of these aggregates. Murray's conclusions are that some societies allow their residents to actively engage in their desired vocations and to relate across generations the knowledge that has been accumulated through history. These are the very societies th...

SSRN Electronic Journal, 2020

We estimate the elasticity of substitution between high-skill and low-skill workers using panel d... more We estimate the elasticity of substitution between high-skill and low-skill workers using panel data from 32 countries during 1970-2015. Most existing estimates, which are based only on U.S. micro data, find a value close to 1.6. We bring international data together with a theory-informed macro approach to provide new evidence on this important macroeconomic parameter. Using the macro approach we find that the elasticity of substitution between tertiary-educated workers and those with lower education levels falls between 1.8 and 2.6, which is higher than previous estimates but within a plausible range. In some specifications, estimated elasticity is above the value required for strong skill-bias of technology, suggesting strong skill-bias is not implausible.

Social Science Research Network, Sep 7, 2001

RePEc: Research Papers in Economics, Mar 3, 2008

RePEc: Research Papers in Economics, Aug 27, 2012

We present new data on the fertility of blacks, from 1820 to 2000, and whites, from 1800 to 2000,... more We present new data on the fertility of blacks, from 1820 to 2000, and whites, from 1800 to 2000, by state. We also present new data on schooling by race and cohort from 1840 to 2000. We also present data on mortality for whites, from 1800 to 2000, and blacks, from 1820 to 2000, by state. The data indicate remarkable convergence in all three indicators. The secular decline in mortality and fertility are consistent with our previous work, Murphy, Simon and Tamura (2008). However there is a substantial difference in the behavior of fertility during the Baby Boom between whites and blacks. In many states, typically southern, white fertility rose by trivial amounts during the Baby Boom. For blacks, the Baby Boom is dramatically larger, and universal throughout the US. In addition schooling fails to decline for

RePEc: Research Papers in Economics, 2011

We present new data on the fertility of blacks, from 1820 to 2000, and whites, from 1800 to 2000,... more We present new data on the fertility of blacks, from 1820 to 2000, and whites, from 1800 to 2000, by state. We also present new data on schooling by race and cohort from 1840 to 2000. We also present data on mortality for whites, from 1800 to 2000, and blacks, from 1820 to 2000, by state. The data indicate remarkable convergence in all three indicators. The secular decline in mortality and fertility are consistent with our previous work, Murphy, Simon and Tamura (2008). However there is a substantial difference in the behavior of fertility during the Baby Boom between whites and blacks. In many states, typically southern, white fertility rose by trivial amounts during the Baby Boom. For blacks, the Baby Boom is dramatically larger, and universal throughout the US. In addition schooling fails to decline for

The New Palgrave Dictionary of Economics, Apr 25, 2008

Social Science Research Network, 2008

This paper documents the existence of a negative cross-sectional correlation between the price of... more This paper documents the existence of a negative cross-sectional correlation between the price of living space and fertility using U.S. Census data over the period 1940-2000. This correlation is not spurious, nor does it reflect the tendency of larger families to locate within lessexpensive areas of a given metropolitan area. We examine the extent to which the results reflect the sorting of married couples across metropolitan areas on desired fertility. The relationship between the unit price of living space and fertility in fact tends to be more negative for households that have moved recently. However, the probability of migration between metropolitan areas is smaller for larger families, even those originating in more expensive cities. Moreover, Durbin-Wu-Hausman tests reveal only limited evidence of endogeneity. The weaker effects of the price of living space for less mobile couples seems to be at least in part a result of their choosing to live in less-expensive portions within a given metropolitan area. "Increased splendor, with higher prices for the necessaries of life, keep men from marrying in the cities." Johann Suessmilch, 1760 (in Adna F. Weber, 1899, p. 330). 1. Introduction A good deal of research has examined the emergence of low fertility rates in Europe. Kohler et. al. (2002) investigates the emergence of what they call "lowest-low fertility" in Europe. Among other factors, they noted that the availability of housing was of particular concern, especially in Italy and Spain. Recent research by Giannelli and Monfardini (2003) found that the price of housing had an effect on household membership among Italian youths. The importance of housing in the family economic decisions is not limited to Europe. Recently, Egan (2005) wrote in the New York Times that "Portland is one of the nation's top draws for the kind of educated, self-starting urbanites that midsize cities are competing to attract. But … [o]fficials say that the very things that attract people who revitalize a city-dense vertical housing, fashionable restaurants and shops and mass transit that makes a car unnecessary-are driving out children by making the neighborhoods too expensive for young families." To take another example, San Francisco is legendary for the small fraction of children in its population, due at least in part to its high cost of housing, with a median price of about $700 thousand (Gonazales 2005). This paper examines the relationship between fertility and the price of living space across metropolitan areas. A growing literature, much of it focused on developing countries, has found just such a relationship. Although researchers have used U.S. data to examine the relationship between the price of living space and living arrangements (Hughes 2003; Borsch-Supan 1986; Haurin et. al. 1993), there is, to our knowledge no work on fertility per se. This paper examines the relationship between fertility and the scarcity of living space across U.S. metropolitan areas over the period 1940-2000 using data from the Integrated Public Use Microdata Samples (IPUMS) and the 1985-96 American Housing Surveys (AHS). To

Macroeconomic Dynamics, Jul 28, 2022

We estimate the elasticity of substitution between high-skill and low-skill workers using panel d... more We estimate the elasticity of substitution between high-skill and low-skill workers using panel data from 32 countries during 1970-2015. Most existing estimates, which are based only on U.S. micro data, find a value close to 1.6. We bring international data together with a theory-informed macro approach to provide new evidence on this important macroeconomic parameter. Using the macro approach we find that the elasticity of substitution between tertiary-educated workers and those with lower education levels falls between 1.8 and 2.6, which is higher than previous estimates but within a plausible range. In some specifications, estimated elasticity is above the value required for strong skill-bias of technology, suggesting strong skill-bias is not implausible.

Social Science Research Network, 2008

This paper introduces a new data set of state-level physical capital in the United States from 18... more This paper introduces a new data set of state-level physical capital in the United States from 1840 to 2000. The new data is combined with measures of the labor force, human capital, land, and output by state to perform traditional accounting decompositions. Growth in measured inputs accounts for three-fourths of output growth, but variation in the level or growth of measured inputs accounts for only one-third of the variation in the level or growth of output. Our methodology is comparable to that used for crosscountry accounting studies, and yields a quantitatively similar conclusion: most cross-state and crosscountry variation in levels or growth rates is driven by variation in TFP. One interpretation is that while states have less institutional and technological heterogeneity (and consequently less TFP variation), this is matched equally by less input heterogeneity, with the relative importance of TFP and inputs remaining constant throughout the process of output per worker convergence. In this case, the relative importance of inputs and TFP may constitute a robust fact that applies across a variety of settings.

RePEc: Research Papers in Economics, 1992

ABSTRACT The effects of regional differences in population and per capita human capital on income... more ABSTRACT The effects of regional differences in population and per capita human capital on income levels and economic growth rates are examined. Sufficient human capital heterogeneity can reduce specialization and inhibit the formation of large markets. The model contains static and dynamic agglomeration economies of market participation. Thus human capital heterogeneity can lower per capita income, and economic growth rates. Over time human capital accumulation reduces heterogeneity, thereby producing market expansion. Numerical solutions indicate that the first regions to integrate into a larger market are the higher human capital regions.

RePEc: Research Papers in Economics, 1991

An endogenous growth model arising from task specialization is used to examine the effects of dif... more An endogenous growth model arising from task specialization is used to examine the effects of differing initial human capital distributions. Two macroeconomic phenomena are produced: income convergence and leapfrogging of living standards. Income convergence occurs for all countries in the same market, arising from diminishing returns to individual human capital. Leapfrogging occurs by comparing countries in two separate markets. Income leapfrogging can occur because the stationary growth rate increases with market size, and human capital heterogeneity reduces growth. The introduction of coordination costs of task assignment can produce gains in welfare and growth from human capital heterogeneity.

RePEc: Research Papers in Economics, 2003

We examine the connection between the creation of stock exchanges and economic growth with a new ... more We examine the connection between the creation of stock exchanges and economic growth with a new set of data on economic growth that spans a longer time period than generally available. We find that economic growth increases relative to the rest of the world after a stock exchange opens. Our evidence indicates that increased growth of productivity is the primary way that a stock exchange increases the growth rate of output, rather than an increase in the growth rate of physical capital. We also find that financial deepening is rapid before the creation of a stock exchange and slower subsequently.

RePEc: Research Papers in Economics, 1991

RePEc: Research Papers in Economics, Jul 10, 2007

RePEc: Research Papers in Economics, 1996

ABSTRACT Evidence shows that real-effort investments can affect bilateral bargaining outcomes. Th... more ABSTRACT Evidence shows that real-effort investments can affect bilateral bargaining outcomes. This paper investigates whether similar investments can inhibit equilibrium convergence of experimental markets. In one treatment, sellers’ relative effort affects the allocation of production costs, but a random productivity shock ensures that the allocation is not necessarily equitable. In another treatment, sellers’ effort increases the buyers’ valuation of a good. We find that effort investments have a short-lived impact on trading behavior when sellers’ effort benefits buyers, but no effect when effort determines cost allocation. Efficiency rates are high and do not differ across treatments.

RePEc: Research Papers in Economics, 2002

This paper develops a general equilibrium model of fertility and human capital investment with yo... more This paper develops a general equilibrium model of fertility and human capital investment with young adult mortality. Parents maximize expected utility producing a precautionary demand for children. Because young adult mortality is negatively related to average young adult human capital, human capital accumulation lowers mortality, inducing a demographic transition and an industrial revolution. Data confirm the model prediction that young adult mortality affects human capital investments. The model prediction of a positive relationship between infant mortality and young adult mortality is confirmed. Further, the data indicate a negative relationship between total factor productivity growth and accumulation of schooling. The model fits the data on world and country populations, per capita incomes, age at entry into the labor force, total fertility rates, infant mortality, life expectancy, and conditional life expectancy.

RePEc: Research Papers in Economics, 2002

The authors examine the relative importance of the growth of physical and human capital and the g... more The authors examine the relative importance of the growth of physical and human capital and the growth of total factor productivity (TFP) using newly organized data on 145 countries that span more than one hundred years for twenty-four of these countries. For all countries, only 3 percent of average output growth per worker is associated with TFP growth. This world average masks interesting variations across countries and regions. Of the nine regions, TFP growth accounts for about twenty percent of average output growth in three regions and between ten and zero percent in the other three regions. In three regions, TFP growth is negative on average. The authors use priors from theories to construct estimates of the relative importance of the variances of aggregate input growth and TFP growth for the variance of output growth across countries. Across all countries, variation in aggregate input growth per worker could account for as much as 35 percent of the variance of the growth of output per worker across countries, and variation in TFP growth could account for as much as 87 percent of that variance. Much of the importance of the variance of TFP growth appears to be associated with negative TFP growth.

STIN, Aug 1, 1981

Research was conducted to determine the direct employment and earnings implications of regional b... more Research was conducted to determine the direct employment and earnings implications of regional biomass energy utilization. Details of the primary data collected during the course of the investigation are provided. A case studies approach was used to observe and analyze various biomass energy systems. Visits were made to existing biomass facilities and data on their operation and employment requirements were

We propose a new macroeconomic mechanism for generating patterns in age-earnings profiles based o... more We propose a new macroeconomic mechanism for generating patterns in age-earnings profiles based on directed technical change. The mechanism does not depend on changes in the human capital of the individual; rather differences in the human capital shares of age groups affect the profitability of developing age-specific technologies, biasing innovation toward improving the productivity of workers whose cohorts provide large shares of the labor force's human capital. The theory should be taken as supplemental to (rather than replacing) human-capital-based theories of age-earnings profiles. Using recently developed data and human capital estimates, we simulate reductions in wages due to age-biased directed technical change over workers' lives for most of the world's nations over two centuries. Our simulations indicate that age-specific directed technical change contributes to wage concavity for the average country by cohort group. Because younger workers make up a larger sha...

For anyone curious about human history over a long period of time, measured in centuries, not yea... more For anyone curious about human history over a long period of time, measured in centuries, not years or quarters, this book provides a unique perspective of the human experience. While recent economists and evolutionary biologists have focused on living standards and population, e.g., Jones (2001), Kremer (1993), Diamond (1999), Galor (2004) and Tamura (2004), this book is more micro-oriented. By this I mean that the book is first and foremost about identifying significant individuals, events and discoveries throughout mankind's history. These significant individuals and events are then aggregated across space, normalized by population and indexed by time. Murray then proceeds to analyze the cross section and the time series of these aggregates. Murray's conclusions are that some societies allow their residents to actively engage in their desired vocations and to relate across generations the knowledge that has been accumulated through history. These are the very societies th...

SSRN Electronic Journal, 2020

We estimate the elasticity of substitution between high-skill and low-skill workers using panel d... more We estimate the elasticity of substitution between high-skill and low-skill workers using panel data from 32 countries during 1970-2015. Most existing estimates, which are based only on U.S. micro data, find a value close to 1.6. We bring international data together with a theory-informed macro approach to provide new evidence on this important macroeconomic parameter. Using the macro approach we find that the elasticity of substitution between tertiary-educated workers and those with lower education levels falls between 1.8 and 2.6, which is higher than previous estimates but within a plausible range. In some specifications, estimated elasticity is above the value required for strong skill-bias of technology, suggesting strong skill-bias is not implausible.

Social Science Research Network, Sep 7, 2001

RePEc: Research Papers in Economics, Mar 3, 2008

RePEc: Research Papers in Economics, Aug 27, 2012

We present new data on the fertility of blacks, from 1820 to 2000, and whites, from 1800 to 2000,... more We present new data on the fertility of blacks, from 1820 to 2000, and whites, from 1800 to 2000, by state. We also present new data on schooling by race and cohort from 1840 to 2000. We also present data on mortality for whites, from 1800 to 2000, and blacks, from 1820 to 2000, by state. The data indicate remarkable convergence in all three indicators. The secular decline in mortality and fertility are consistent with our previous work, Murphy, Simon and Tamura (2008). However there is a substantial difference in the behavior of fertility during the Baby Boom between whites and blacks. In many states, typically southern, white fertility rose by trivial amounts during the Baby Boom. For blacks, the Baby Boom is dramatically larger, and universal throughout the US. In addition schooling fails to decline for

RePEc: Research Papers in Economics, 2011

We present new data on the fertility of blacks, from 1820 to 2000, and whites, from 1800 to 2000,... more We present new data on the fertility of blacks, from 1820 to 2000, and whites, from 1800 to 2000, by state. We also present new data on schooling by race and cohort from 1840 to 2000. We also present data on mortality for whites, from 1800 to 2000, and blacks, from 1820 to 2000, by state. The data indicate remarkable convergence in all three indicators. The secular decline in mortality and fertility are consistent with our previous work, Murphy, Simon and Tamura (2008). However there is a substantial difference in the behavior of fertility during the Baby Boom between whites and blacks. In many states, typically southern, white fertility rose by trivial amounts during the Baby Boom. For blacks, the Baby Boom is dramatically larger, and universal throughout the US. In addition schooling fails to decline for