More Education, Less Volatility? The Effect of Education on Earnings Volatility over the Life Cycle
利用英国1972年义务教育法改革，研究发现更多教育降低了男性收入的波动性，并减弱了收入与经济周期的关联，但对年长男性影响不明显。
Much evidence suggests that having more education leads to higher earnings in the labor market. However, there is little evidence about whether having more education causes employees to experience lower earnings volatility or shelters them from the adverse effects of recessions. We use a large British administrative panel data set to study the impact of the 1972 increase in compulsory schooling on earnings volatility over the life cycle. Our estimates suggest that men exposed to the law change subsequently had lower earnings variability and less procyclical earnings. However, there is little evidence that education affects earnings volatility of older men.