Table 6 The effect of the unemployment rate at entry on wages

From: Differential effects of graduating during a recession across gender and race

	OLS		IV
	Men	Women	Men	Women
U at entry
White exp = 1–3	−0.016 [0.006]**	−0.008 [0.006]	−0.030 [0.016]*	0.006 [0.015]
White exp = 4–6	−0.011 [0.006]*	−0.006 [0.006]	−0.027 [0.011]**	−0.002 [0.011]
White exp = 7–9	−0.008 [0.006]	−0.003 [0.006]	−0.019 [0.012]	−0.002 [0.011]
White exp = 10–12	−0.007 [0.006]	−0.005 [0.007]	−0.029 [0.012]**	−0.004 [0.014]
Black exp = 1–3	−0.019 [0.008]**	−0.025 [0.007]***	−0.051 [0.023]**	−0.034 [0.028]
Black exp = 4–6	−0.013 [0.009]	−0.014 [0.007]**	−0.049 [0.019]**	−0.015 [0.019]
Black exp = 7–9	0.000 [0.009]	−0.007 [0.007]	−0.034 [0.020]*	0.003 [0.018]
Black exp = 10–12	0.008 [0.009]	−0.001 [0.007]	−0.028 [0.023]	0.024 [0.018]
Highest grade completed	0.062 [0.005]***	0.080 [0.004]***	0.057 [0.005]***	0.077 [0.005]***
Age adjusted AFQT score	0.104 [0.010]***	0.105 [0.010]***	0.108 [0.010]***	0.108 [0.011]***
Observations	22,947	24,233	22,333	23,404
R-squared	0.30	0.30	0.30	0.29

Note: The dependent variable is log real hourly wages (cents). Constant, current unemployment rates interacted with race and the 3-year experience brackets, a race dummy, non-linear controls for potential experience differentiated by race are also included in the regressions though omitted from the table. OLS regressions include dummies for year of entry, state of residence at entry and year of the survey; IV regressions include dummies for year of predicted entry, state of residence at age 14 and year of the survey. Standard errors are in brackets, clustered by the year and the state of entry (predicted entry for IV). ***, **, * indicate statistically significant at the 1% , 5% and 10% level, respectively

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