Educational opportunity and the college premium

Since World War II, the United States government has made improved accessto higher education a priority. This e¤ort has substantially increasedthe number of people who complete college. We show that by reducing theeffective interest rate on borrowing for education, such policies canactually increase the gap in wages between those with a college educationand those without. The mechanism that drives our results is the signaling role of education first explored by Spence (1973). We argue that financialconstraints on education reduce the value of education as a signal. Wesolve for the reduced form relationship between the interest rate and thewage premium in the steady state of a dynamic asymmetric information model.In addition, we discuss evidence of decreases in borrowing costs for educationfinancing in the U.S.

The Monument Erected in Barcelona in 1954 in Honor of Archer Milton Huntington, the Founder of The Hispanic Society of America, and His Wife, Anna Hyatt Huntington, the Eminent Sculptress.

It was in 1954 that Barcelona became the first city to pay tribute to Archer Milton Huntington (New York, 1870 - Bathel, Connecticut, 1955), by erecting a monument to the memory of this outstanding collector and Hispanist, and to hiswife, Anna Vaughn Hyatt Huntington (Cambridge, 1876 - California, 1973). An excellent sculptor, Anna Hyatt Huntington was also unstinting in her support of her husband¿s Hispanic interest. The monument was Barcelona's way of recognizing and paying tribute to this greatly respected American collector and philanthropist. Huntington played a major role in refuting "Prescott's Paradigm", named after the historian whose work on Spain did much to further the Black Legend.3 Moreover, Huntington occupied an important place in American Hispanic Studies, along with such other outstanding names as George Ticknor (Boston, 1791 - 1871), Washington Irving (New York, 1783 - 1859) and Henry Longfellow (1807 - 1882).

Medicine and Science in a New Medical-surgical Context: The Royal College of Surgery of Barcelona (1760–1843)

Taking the Royal College of Barcelona (1760 -1843) as a case study this paper shows the development of modern surgery in Spain initiated by Bourbon Monarchy founding new kinds of institutions through their academic activities of spreading scientific knowledge. Antoni Gimbernat was the most famousinternationally recognised Spanish surgeon. He was trained as a surgeon at the Royal College of Surgery in Cadiz and was later appointed as professor of theAnatomy in the College of Barcelona. He then became Royal Surgeon of King Carlos IV and with that esteemed position in Madrid he worked resiliently to improve the quality of the Royal colleges in Spain. Learning human bodystructure by performing hands-on dissections in the anatomical theatre has become a fundamental element of modern medical education. Gimbernat favoured the study of natural sciences, the new chemistry of Lavoisier and experimental physics in the academic programs of surgery. According to the study of a very relevant set of documents preserved in the library, the so-called “juntas literarias”, among the main subjects debated in the clinical sessions was the concept of human beings and diseases in relation to the development of the new experimental sciences. These documents showed that chemistry andexperimental physics were considered crucial tools to understand the unexplained processes that occurred in the diseased and healthy human bodyand in a medico-surgical context. It is important to stress that through these manuscripts we can examine the role and the reception of the new sciences applied to healing arts.

Improving college access and success for low-income students: Evidence from a large need-based grant program

Using comprehensive administrative data on France's single largest financialaid program, this paper provides new evidence on the impact of large-scaleneed-based grant programs on the college enrollment decisions, persistenceand graduation rates of low-income students. We exploit sharp discontinuitiesin the grant eligibility formula to identify the impact of aid on student outcomesat different levels of study. We find that eligibility for an annual cashallowance of 1,500 euros increases college enrollment rates by up to 5 percentagepoints. Moreover, we show that need-based grants have positive effectson student persistence and degree completion.