Maurin and McNally (JLE 2008) use a nice instrument to test for the returns to a year of third level education, and find that they are significant not merely for the direct recipient but also for their children:
The famous events of May 1968, starting with student riots, threw
France into a state of turmoil. As a result, normal examination procedures
were abandoned, and the pass rate for various qualifications
increased enormously. The lowering of thresholds at critical stages of
the education system enabled a proportion of students to pursue more
years of higher education than would otherwise have been possible.
For those on the margin of passing their examinations, additional years
of higher education increased future wages and occupational levels.
Interestingly, the effect is also transmitted across generations and is
reflected in the educational performance of children.
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