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Does the sequence matter: interest rates, quantitative easing or forward guidance?

Author

Listed:
  • Margaret Leighton

    (University of St Andrews)

  • Jamin D Speer

    (University of Memphis)

Abstract

The past half century has seen dramatic changes in college enrolment. In this paper, we document how the skills and aspirations of college students have also changed. Using over 40 years of data on incoming college freshmen, we establish three key facts. First, students’ goals have shifted away from the philosophical (e.g., finding meaning in life) towards the tangible (e.g., financial and family outcomes). Second, the share of students who are both of high ability and have high aspirations for tangible goals has risen steadily, with a particular increase in the 1970s and 1980s. Third, this rise is mirrored by a fall in students who, while quite strong academically, place low weight on life goals such as financial success, raising a family, or helping others.

Suggested Citation

  • Margaret Leighton & Jamin D Speer, 2025. "Does the sequence matter: interest rates, quantitative easing or forward guidance?," Economics Discussion Papers 2502, Department of Economics, The University of St Andrews Business School.
    • Handle: RePEc:san:econdp:2502
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    File URL: https://www.st-andrews.ac.uk/~wwwecon/repecfiles/econdp/2502.pdf
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    Keywords

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    JEL classification:

    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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