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Returns To Education, Cohorts And Business Cycle In Costa Rica: 1987-2008

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  • Rojas, Luis

Abstract

A pseudo-panel approach is used to estimate the returns to schooling (RTS) in Costa Rica. Thisapproach ameliorates the “ability” bias due to the correlation between the level of education and nonobservablecharacteristics of the individual.We found that RTS are higher for older samples.Once we study the behavior of the RTS -using different settings and estimators- we analyze theircorrelation withDeaton’s year, cohort and age effects. We found that the income of younger cohorts isgreater than the income of older cohorts, once experience and short run fluctuations of the economyare accounted for. This difference in income between generations is explained by differences in levelsof education. Other factors that differ between generations seem to be less important to explain theirincome differences. Finally, we present preliminary evidence suggesting that short run fluctuations ofthe GDP affect in a greater extent those with less education.

Suggested Citation

  • Rojas, Luis, 2013. "Returns To Education, Cohorts And Business Cycle In Costa Rica: 1987-2008," Revista de Ciencias Económicas, Instituto de Investigaciones en Ciencias Económicas, Universidad de Costa Rica, vol. 31(1), January.
    • Handle: RePEc:rce:rvceco:10617
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    File URL: https://revistas.ucr.ac.cr/index.php/economicas/article/view/10617
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    More about this item

    Keywords

    Pseudo panel; rendimientos a la educación; cohortes; Pseudo panel; returns to education; cohorts;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

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