Authors: Wiljan van den Berge
Published: July, 2017

We estimate the effect of graduating during a recession on the early careers of high educated graduates in the Netherlands between 1996 and 2012. Exploiting field-specifi c differences in un-employment rates, we fi nd that graduates on average suffer a 2.3% lower wage in a typical recession in their first year. The wage loss fades out four years after graduation. Employment probabilities are hardly affected.

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