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Research ArticleArticles

Local Labor Markets and Human Capital Investments

View ORCID ProfileRussell Weinstein
Journal of Human Resources, September 2022, 57 (5) 1498-1525; DOI: https://doi.org/10.3368/jhr.58.1.1119-10566R2
Russell Weinstein
Russell Weinstein is an assistant professor in the School of Labor and Employment Relations and in the Department of Economics at the University of Illinois at Urbana–Champaign and is an IZA research fellow ().
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ABSTRACT

I study whether human capital investments are based on local rather than national demand, using two positive and two negative shocks with differential local effects: the dot-com crash, the fracking boom, the 2008 financial crisis, and the shock making Delaware a financial headquarters. I find impacts on the share of sector-relevant degrees awarded following these shocks, on average across the United States. However, universities in areas more exposed to sectoral shocks experience greater changes in sector-relevant majors. Differential impacts on major choice at the most exposed universities account for 15–45 percent of the overall national effect on sector-relevant degrees.

JEL Classification:
  • J24
  • I20
  • R12
  • Received November 2019.
  • Accepted June 2020.
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Journal of Human Resources: 57 (5)
Journal of Human Resources
Vol. 57, Issue 5
1 Sep 2022
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Local Labor Markets and Human Capital Investments
Russell Weinstein
Journal of Human Resources Sep 2022, 57 (5) 1498-1525; DOI: 10.3368/jhr.58.1.1119-10566R2

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Local Labor Markets and Human Capital Investments
Russell Weinstein
Journal of Human Resources Sep 2022, 57 (5) 1498-1525; DOI: 10.3368/jhr.58.1.1119-10566R2
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  • Article
    • ABSTRACT
    • I. Introduction
    • II. Sectoral Shocks with Local Labor Market Impacts
    • III. Data
    • IV. Identifying Sectoral Shocks’ Effects on Majors
    • V. The Effect of Sectoral Shocks on Major Composition
    • VI. Conclusion
    • Footnotes
    • References
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Keywords

  • J24
  • I20
  • R12
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