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On the cyclicality of schooling: theory and evidence

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Academic year: 2021

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Figure

Fig. 1. The business cycle and enrollment
Fig. 3. Enrollment rate and year effect
Fig. 5. Business cycle impact on human capital stock—at the end of 1988
Table 4 (panel A), which contains the results of the multinomial logit, shows that when the unemployment rate increases individuals are more likely to enroll in college, become unemployed, or drop out of the labor force, and less likely to become employed

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