Graduating into a recession
Alfonso Alba and
UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía
We investigate labour market outcomes among persons who graduated from college during a recession in Spain. We use administrative data that allow for longitudinal analysis for a large sample of workers. The main result is that men and women who enter the labor market in a period of rising unemployment experience a significant loss of earnings in comparison with cohorts entering just before or after the downturn. However, we find that earnings differentials become insignificant by the third year after graduation for men, and by the fifth year for women. Almost all earnings losses among unlucky college graduates appear to be caused by joblessness: the brunt of adjustment takes place through employment rather than wages.
Keywords: College; graduates; Youth; unemployment; Recession; Earnings (search for similar items in EconPapers)
JEL-codes: J23 J24 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:25363
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