We are grateful to David Autor, Dan Black, Maria Fitzpatrick, Richard Freeman, John Friedman, Steve Rivkin, Tim Sass, Mark Steinmeyer, Katharine Strunk, anonymous referees at several journals, and seminar participants at the Association for Education Finance and Policy annual meeting, the CESifo Economics of Education Conference, the American Economic Association Annual Meeting, the APPAM annual meeting, Southern Methodist University, the Federal Reserve Bank of Cleveland, the University of Mississippi, and the Daniel Patrick Moynihan Syracuse/Cornell Workshop on the Economics of Education for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.