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Fooled by the Cycle: Permanent versus Cyclical Improvements in Social Indicators

---- Acknowledgments ----

The authors are grateful to Jorge Araujo, Practice Manager of Macroeconomics, Trade, and Investment at the World Bank and his team of country economists, and Oscar Calvo, Carolina Diaz-Bonilla, and María Ana Lugo, from the Poverty and Equity Global Practice at the World Bank, for data support and very helpful comments and suggestions. Profuse thanks as well to Guillermo Beylis, Jessica Bracco, Guillermo Falcone, Maria Marta Ferreyra, Diego Friedheim, Leonardo Gasparini, Elena Ianchovichina, Mariana Marchioni, Joaquín Serrano, Joana Silva, Leopoldo Tornarolli, and seminar participants at the Universidad de La Plata (Argentina) and World Bank for insightful feedback. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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