Permanent Income and the Black-White Test Score Gap
---- Acknowledgments ----
We thank Lars Lefgren, Bob Margo, Sean Reardon, Richard Rothstein, and seminar participants at Brown, Mathematica, Simon Fraser, Stanford, UBC, and NBER for helpful conversations and suggestions. We also thank Fanyin Zheng for excellent research assistance, and the Princeton University Industrial Relations Section for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.