How important are fixed effects and time trends in estimating returns to schooling? Evidence from a replication of Jacobson, Lalonde, and Sullivan, 2005
估计教育回报时固定效应与时间趋势有多重要?一项复现研究AI 解读 ↓
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AI 根据所提供的论文材料归类:摘要直接讨论个人固定效应和个人时间趋势,并以教育对收入回报的估计为目标。
估计教育回报时固定效应与时间趋势有多重要?一项复现研究AI 解读 ↓
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Summary A substantial and rapidly growing literature has developed around estimating earnings gains from 2‐year college degrees using administrative data. These papers almost universally employ a person‐level fixed‐effects strategy to estimate earnings premia net of fixed attributes. We note that the seminal piece on which these papers build—Jacobson, Lalonde, & Sullivan, Journal of Econometrics , 2005, 125 (1–2), 271–304—provides theoretical and empirical evidence for the importance of additionally differencing out individual time trends. The subsequent literature has not followed suit. Through replication we ask whether this matters. We show that it does, and further that these person‐level time trends need not be computationally burdensome in large administrative data. We recommend them as a unifying econometric standard for future work.