Changes across Cohorts in Wage Returns to Schooling and Early Work Experiences

We thank Christian Belzil, Michael Boehm, Flavio Cunha, Lance Lochner, Matt Masten and participants at various seminars and conferences for useful comments and discussions at various stages of this research. We especially wish to thank Vladislav Slanchev for providing us with a version of his statistical software for estimating dynamic discrete choice models with a latent factor error structure that we used in our structural analysis and for his generous assistance in adapting it to our context. Any remaining errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.