Cashier or Consultant? Entry Labor Market Conditions, Field of Study, and Career Success

• 成果类型: Article
• 署名作者: Altonji, Joseph G.; Kahn, Lisa B.; Speer, Jamin D.
• 署名单位: Yale University; National Bureau of Economic Research; University of Memphis
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/682938
• 发表日期: 2016
• 页码: S361-S401
• 关键词: business-cycle; school; fluctuations; CHOICE

摘要

We measure impacts of entry conditions on labor market outcomes for the US college graduating classes of 1974-2011. A large recession reduces initial earnings by 10%, through full-time work and wages, with small persistent impacts on wages. Those in high-paying majors experience smaller impacts on most labor market outcomes, widening earnings inequality across majors. In the Great Recession, early earnings losses are much larger than predicted given past patterns and the size of the recession. This is partially because the cyclical sensitivity of demand for college graduates has more than doubled. Recession effects also became more evenly distributed across majors.