Abstract
This paper examines how macroeconomic factors influence decision making behavior with regard to human capital investment. Using a panel data set, we establish a causal relationship between macroeconomic indicators and the decision to pursue graduate education. Overall, we find that graduate school enrollment is counter-cyclical with the business cycle and that the magnitude of the relationship between macroeconomic indicators and the specific type of graduate school programs varies. Moreover, we find differential racial effects of the business cycle on graduate school enrollment. The magnitude of the counter-cyclical effect of the business cycle on graduate school enrollment is greater for minority groups.
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