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Public Education and Income Distribution: A Dynamic Quantitative Evaluation of Education-Finance Reform

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  • Fernandez, Raquel
  • Rogerson, Richard

Abstract

Many states are implementing school-finance reforms which will have complex effects on income distribution, intergenerational income mobility, and welfare. This paper analyzes the static and dynamic effects of such reforms by constructing a dynamic general equilibrium model of public-education provision and calibrating it using U.S. data. The authors examine the consequences of a reform of a locally financed system to a state-financed system which equalizes expenditures per student across districts. They find that this policy increases both average income and the share of income spent on education. Steady-state welfare increases by 3.2 percent of steady-state income. Copyright 1998 by American Economic Association.

Suggested Citation

  • Fernandez, Raquel & Rogerson, Richard, 1998. "Public Education and Income Distribution: A Dynamic Quantitative Evaluation of Education-Finance Reform," American Economic Review, American Economic Association, vol. 88(4), pages 813-833, September.
  • Handle: RePEc:aea:aecrev:v:88:y:1998:i:4:p:813-33
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