We investigate the short- and long-term effects of economic conditions at high-school graduation as a source of exogenous variation in the labor-market opportunities of potential college entrants. Exploiting business cycle fluctuations across birth cohorts for 28 developed countries, we find...

Central exams are often hypothesized to favorably affect incentive structures in schools. Indeed, previous research provides vast evidence on the positive effects of central exams on student test scores. But critics warn that these effects may arise through the strategic behavior of students and...

We develop novel measures of early-career skills that are more detailed, comprehensive, and labor-market-relevant than existing skill proxies. We exploit that skill requirements of apprenticeships in Germany are codified in state-approved, nationally standardized apprenticeship plans. These...