6  Those graduating into a recession are slightly more likely to obtain an advanced degree. See Joseph G. Altonji, Lisa B. Kahn, and Jamin D. Speer (2014), “Cashier or Consultant? Entry Labor Market Conditions, Field of Study, and Career Success,” NBER Working Paper Series 20531 (Cambridge, Mass. : National Bureau of Economic Research, September).
7  See Jaison R. Abel and Richard Deitz (2014), “The Value of a College Degree,” Liberty Street Economics, blog of the Federal Reserve Bank of New York, September 2. 2  BIS central bankers’ speeches  As with any investment, however, the returns on educational investments are not uniform, and some investments do not pay off.