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In recent years, states across the country have attempted to increase the accountability of public school teachers by implementing rigorous, high-stakes evaluation systems and in some cases repealing teacher tenure protections. We examine the effect of these reforms on the supply of new entrants into the teacher labor market by exploiting a unique panel dataset that includes the number of teaching licenses granted by states. Leveraging variation in the adoption of reforms across states and time, we find that evaluation reforms resulted in a steady decline in the statewide supply of new teachers, whereas tenure reforms produced a sharp but more temporary contraction. In exploratory analyses, we find mixed evidence of the effect of accountability on the selectivity of the institutions where prospective teachers earned their teaching degrees. There is little evidence evaluation reforms had any differential effect by university selectivity, while tenure reforms appear to have reduced supply more among candidates from less selective universities. We find no evidence that decreases in labor supply were concentrated in non-shortage or shortage licensure areas.