How the Financial Crisis and Great Recession Affected Higher Education. Este artículo no está disponible.How the Financial Crisis and Great Recession Affected Higher Education

The recent financial crisis had a profound effect on both public and private universities, which faced shrinking endowments, declining charitable contributions, and reductions in government support. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses and how the incentives and constraints facing different institutions affected their behavior. The contributors look at the role of endowments in university finances and the interaction of spending policies, asset allocation strategies, and investment opportunities to show how universities' behavior can be modeled using economic principles.

Jeffrey R. Brown is the William G. Karnes Professor of Finance at the University of Illinois at Urbana-Champaign and a research associate of the NBER. Caroline M. Hoxby is the Scott and Donya Bommer Professor in Economics at Stanford University, a senior fellow of the Hoover Institution, and a research associate and director of the Economics of Education Program of the NBER.