A new NBER working paper by Oyer (The Making of an Investment Banker: Macroeconomic Shocks, Career Choice, and Lifetime Income), uses a survey of Stanford MBAs from the classes of 1960 to 1997 to analyse the relationship between the state of the stock market at graduation, initial job placement, and long-term labor market outcomes.
This is a good line of thought to get into for the Irish Universities Study.
This is a good line of thought to get into for the Irish Universities Study.
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Oyer's paper is also interesting given its review of literature on how macroeconomic conditions affect occupational choice. He references Devereux's working paper which emphasises the importance of initial conditions.
Its interesting to think about the evolution of occupational choice (and income/well-being effects) over a time-series. I had previously suggested that we look at the returns to education controlling for macroeconomic conditions and subject choice. It would be nice to include occupational choice aswell, but I don't think there is good enough time-series data for Ireland.
I have since noted that Oyer's paper is from February of last year (a famous Killers lyric); I do know it is 2007!
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