This paper was written while the authors were Visiting Scholars at the Russell Sage Foundation. We gratefully acknowledge this support. We appreciate the helpful comments of Dora Costa, Marianne Ferber, and Jane Waldfogel, and are especially indebted to the editors of this journal, Alan Krueger, Bradford De Long, and Timothy Taylor for their constructive and detailed input. Thanks are also due to Abhijay Prakash for excellent research assistance. The views expressed herein are those of the authors and not necessaril
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