Differential effects of graduating during a recession across gender and race

Table 5 Coefficients of instruments in the first stage regressions

	White men	Black men	White women	Black women
Collapsed regressions	0.503 [0.042]***	0.455 [0.054]***	0.508 [0.043]***	0.378 [0.047]***
Actual first stage (16 separate regressions)
Potential Exp = 1–3	0.454 [0.006]***	0.441 [0.006]***	0.455 [0.006]***	0.316 [0.006]***
Potential Exp = 4–6	0.574 [0.007]***	0.523 [0.007]***	0.589 [0.006]***	0.404 [0.006]***
Potential Exp = 7–9	0.562 [0.007]***	0.508 [0.007]***	0.588 [0.006]***	0.428 [0.006]***
Potential Exp = 10–12	0.557 [0.006]***	0.534 [0.006]***	0.589 [0.006]***	0.454 [0.006]***

Note: Each coefficient is taken from a different regression, see the text for detail. Standard errors are in brackets, clustered by the year of predicted entry and the state of residence at age 14. *** indicates statistically significant at the 1% level