TY - JOUR T1 - Labor Market Experience and Returns to College Education in Fast Growing Economies JF - Journal of Human Resources JO - J Hum Resour DO - 10.3368/jhr.0421-11629R2 SP - 0421-11629R2 AU - Hongbin Li AU - James Liang AU - Binzhen Wu Y1 - 2022/06/10 UR - http://jhr.uwpress.org/content/early/2022/06/01/jhr.0421-11629R2.abstract N2 - China’s college admission increased by five times between 1998 and 2009. While the college premium for young workers declined, that for senior workers increased in this period. In our general equilibrium model, a rising demand for skills (education and experience) explains both trends. A demand shock leads to an expansion in the elastic college enrollment, depressing the college premium for young workers. With an inelastic supply, experienced college graduates continue to enjoy a rising premium. Despite the low immediate premium, young individuals continue to flood into colleges because they foresee high lifetime returns. Simulations match empirical results well. ER -