substitution of low education/high experience workers by low experience/high education workers by using US and French microdata … explain the changes in returns to experience. It also accounts for a part of the increase in returns to education between 1980 …: the elasticity of substitution between experience and education, which is found to be less than half. In France, the …

becomes higher but there is no persistence of the supply shock. Higher education prevents this intertemporal multiplication of …