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We estimate the effect of graduating during a recession on the early careers of high educated graduates in the Netherlands between 1996 and 2012. Exploiting field-specific differences in un-employment rates, we find that graduates on average suffer a 2.3% lower wage in a typical recession in their first year. →

Policymakers are concerned about potential underinvestment in lifelong learning. In this paper we study to what extent a tax deduction helps to stimulate post-initial training. →