ECGI, and NBER. We thank seminar participants at Brigham Young University for helpful comments. The analysis and conclusions contained in this paper are those of the authors and do not necessarily reflect the views of the Board of Governors of the Federal Reserve System, its members, its staff, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

on Pension and Aging (RIPPA) and the German Science Foundation (DFG) which has generously financed the creation of the SAVE panel data set and research based on these data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

We are grateful to the Center for University Selection and Placement (O SYM) for providing the data. We would also like to thank Dilara Bakan Kalaycoglu for answering all our questions about the data and Quang Vuong and Susumu Imai for extremely useful conversations. We are also indebted to participants

and University of California at Berkeley. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

and analysis files, and for partial support of Ng and Popkin. We also thank Harsha Thirumurthy, Shoou-Yih

for their insightful comments. The views expressed in this paper are our own and do not necessarily represent those of the institutions of affiliation. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

acknowldege financial support from the NSF. The views expressed in this article are those of the authors and do not necessarily reflect those of the Federal Reserve Bank of New York, the Federal Reserve

views expressed herein are those of the authors and do not necessarily reflect the views of the National

This paper benefited from comments by participants at the conference on "Education Policy in Developing