Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/224003
Authors: 
Bicakova, Alena
Cortes, Matias
Mazza, Jacopo
Year of Publication: 
2020
Series/Report no.: 
IZA Discussion Papers No. 13561
Abstract: 
We find robust evidence that cohorts of male graduates who start college during worse economic times earn higher average wages than those who start during better times. This gap is not explained by differences in selection into employment, in economic conditions at the time of college graduation, or in field of study choices. Graduates who enroll in bad times are not more positively selected based on their high-school outcomes, but they achieve higher college grades, sort into higher-paying occupations, and earn higher wages conditional on their grades. We find similar but less robust patterns for female graduates. Our results suggest that individuals who enroll during economic downturns 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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