Caroline Hoxby is one of the most careful researchers in all of economics. Yes, pedigree does matter, especially if you get busy when you graduate.
http://blogs.wsj.com/economics/2009/11/25/top-universities-get-more-selective-but-offer-better-return-on-investment/?mod=djemWEB&reflink=djemWEB&reflink=djemWEB
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