Housing

The Incidence of Flood Insurance

Over the past half-century, court-ordered increases in public school spending dramatically changed the level and distribution of school resources in the United States. Recent evidence from surveys suggests that school finance reforms improved students’ short- and long-run outcomes. However, the policy implications remain unclear because, although observed effects are significantly different from zero, we do not know whether the benefits exceed the costs, or whether the internal rate of return exceeds benchmark interest rates.