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In recent years, states have sought to increase accountability for public school teachers by implementing high-stakes evaluation systems. We examine the effect of these reforms on the supply and quality of new teachers. Leveraging variation across states and time, we find that evaluation reforms reduced the supply of new teaching candidates by 17 percent and increased the likelihood of unfilled teaching positions, particularly in hard-to-staff schools. Reforms also increased the quality of newly hired teachers by shifting the lower tail of the distribution upward. We find evidence that decreased job security, satisfaction, and autonomy are likely mechanisms for these effects.