Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/215770 
Year of Publication: 
2020
Series/Report no.: 
Working Paper Series No. 19
Publisher: 
University of Waterloo, Canadian Labour Economics Forum (CLEF), Waterloo
Abstract: 
We find robust evidence that cohorts of graduates who enter college during worse economic times earn higher average wages than those who enter during better times. This difference is not explained by differences in economic conditions at the time of college graduation, changes in field of study composition, or changes in selection into occupations or industries. Cohorts who start college in bad times are not more positively selected based on their high-school outcomes, but they graduate with higher college grades, and earn higher wages conditional on their grades. Our results suggest that these cohorts exert more effort during their studies.
Subjects: 
Business Cycle
Higher Education
Cohort Effects
JEL: 
I23
J24
J31
E32
Document Type: 
Working Paper

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