Table 4

Impact of Track Length (Two‐ versus Three‐Year Track), for High‐ and Low‐Unemployment‐Rate Municipalities Separately

	Dependent Variable: Employment
	High‐Unemployment‐Rate Municipalities		Low‐Unemployment‐Rate Municipalities		Diff.
Years Since (Predicted) Graduation	Coeff.	Obs.	Coeff.	Obs.	Coeff.	Obs.
Years Since (Predicted) Graduation	(1)		(2)		(3)
0	0.218^***	34,592	0.332^***	33,649	0.076	68,241
	(0.099)		(0.055)		(0.086)
5	−0.011	34,206	0.067	33,269	0.049	67,475
	(0.068)		(0.044)		(0.069)
10	0.053	33,853	0.017	32,991	−0.091	64,844
	(0.077)		(0.044)		(0.077)
Track FE	✓		✓		✓
Cohort FE	✓		✓		✓
Municipality FE	✓		✓		✓
Individual characteristics	✓		✓		✓

Notes: We define high‐ (low‐)‐unemployment‐rate municipalities as municipalities in which unemployment in 1994 (when the crisis was reaching its peak) was above (below) the median unemployment rate that year. Marginal effects are presented. In Model 3, we test for the equality of regression coefficients using the fully interacted form of the model. Standard errors (in parentheses) are clustered at the municipality ^* cohort (j × c) level. Significance: ^*p < 0.10, ^**p < 0.05, ^***p < 0.01.