Impact of Unemployment Rate at Graduation on Educational Attainment—IV Specification
| Dependent Variable | Full Sample (1) | Bottom Quintile (2) | Median Quintile (3) | Top Quintile (4) |
|---|---|---|---|---|
| Late Graduation from Upp. Sec. School | ||||
| Effect of unemployment rate at graduation | 0.003 | 0.003 | −0.003 | 0.004 |
| (0.003) | (0.009) | (0.007) | (0.006) | |
| Individuals | 68,241 | 13,127 | 13,239 | 12,844 |
| Mean of dependent variable | 0.057 | 0.099 | 0.047 | 0.037 |
| Accumulated Years of Schooling by Age 38 | ||||
| Effect of unemployment rate at graduation | −0.030 | −0.077** | −0.033 | −0.081 |
| (0.023) | (0.038) | (0.062) | (0.056) | |
| Individuals | 66,293 | 12,797 | 12,833 | 12,433 |
| Mean of dependent variable | 12.811 | 12.022 | 12.741 | 13.817 |
| Track FE (instrumented) | ✓ | ✓ | ✓ | ✓ |
| Cohort FE | ✓ | ✓ | ✓ | ✓ |
| Municipality FE | ✓ | ✓ | ✓ | ✓ |
| Individual characteristics | ✓ | ✓ | ✓ | ✓ |
Notes: Marginal effects are presented. Standard errors (in parentheses) are clustered at the municipality * cohort (j × c) level. Each model is estimated using the sample of students present in the year of (predicted) graduation. Significance: *p < 0.10, **p < 0.05, ***p < 0.01.