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Returns to schooling in the Portuguese economy: a reassessment
Maria Manuel Campos* 
Hugo Reis*
Hugo Reis
Affiliation: Banco de Portugal, Lisbon, Portugal; Universidade Católica Portuguesa, Lisbon, Portugal
 0000-0002-6366-3421
Article | Year: 2018 | Pages: 215 - 242 | Volume: 42 | Issue: 2 Received: November 21, 2017 | Accepted: April 10, 2018 | Published online: June 5, 2018
|
FULL ARTICLE
FIGURES & DATA
REFERENCES
CROSSMARK POLICY
METRICS
LICENCING
PDF
|
|
|
1986
|
1991
|
1996
|
2000
|
2005
|
2010
|
2013
|
|
Women
|
Education
(years)
|
5.73
|
6.54
|
7.37
|
8.16
|
9.17
|
10.09
|
10.39
|
|
[3.42]
|
[3.57]
|
[3.84]
|
[4.05]
|
[4.26]
|
[4.38]
|
[4.38]
|
|
Age
(years)
|
32.34
|
32.24
|
34.18
|
35.08
|
36.56
|
38.06
|
39.37
|
|
[10.2]
|
[10.26]
|
[10.15]
|
[10.15]
|
[10.17]
|
[10.31]
|
[10.21]
|
|
Tenure
(years)
|
8.55
|
7.34
|
7.77
|
7.21
|
7.21
|
7.61
|
8.53
|
|
[7.15]
|
[7.83]
|
[7.98]
|
[7.97]
|
[7.66]
|
[7.92]
|
[8.2]
|
|
No. obs.
|
327 634
|
467 428
|
584 109
|
714 836
|
836 568
|
923 898
|
901 793
|
|
% of total
|
33.1
|
36.7
|
39.9
|
41.5
|
42.2
|
45.2
|
47.3
|
|
Men
|
Education
(years)
|
5.50
|
6.17
|
6.89
|
7.40
|
8.18
|
9.03
|
9.45
|
|
[3.33]
|
[3.5]
|
[3.7]
|
[3.81]
|
[3.96]
|
[4.08]
|
[4.08]
|
|
Age
(years)
|
36.30
|
36.35
|
36.88
|
37.27
|
37.79
|
39.01
|
39.92
|
|
[11.65]
|
[11.74]
|
[11.32]
|
[11.16]
|
[10.84]
|
[10.68]
|
[10.5]
|
|
Tenure
(years)
|
9.56
|
8.93
|
8.84
|
8.11
|
7.73
|
8.14
|
8.89
|
|
[8.05]
|
[8.71]
|
[8.62]
|
[8.52]
|
[8.07]
|
[8.27]
|
[8.54]
|
|
No. obs.
|
662 723
|
806 480
|
880 628
|
1 009 561
|
1 144 560
|
1 118 236
|
1 003 012
|
|
% of total
|
66.9
|
63.3
|
60.1
|
58.5
|
57.8
|
54.8
|
52.7
|
|
Total
|
Education
(years)
|
5.6
|
6.31
|
7.08
|
7.71
|
8.60
|
9.51
|
9.9
|
|
[3.36]
|
[3.53]
|
[3.76]
|
[3.93]
|
[4.12]
|
[4.25]
|
[4.25]
|
|
Age
(years)
|
34.99
|
34.84
|
35.80
|
36.36
|
37.27
|
38.58
|
39.66
|
|
[11.35]
|
[11.39]
|
[10.95]
|
[10.8]
|
[10.58]
|
[10.53]
|
[10.37]
|
|
Tenure
(years)
|
9.23
|
8.34
|
8.42
|
7.73
|
7.51
|
7.90
|
8.72
|
|
[3.36]
|
[3.53]
|
[3.76]
|
[3.93]
|
[4.12]
|
[4.25]
|
[4.25]
|
|
No. obs.
|
990,357
|
1,273,908
|
1,464,737
|
1,724,397
|
1,981,128
|
2,042,134
|
1,904,805
|
Notes: Unless otherwise specified, the table reports averages (and standard-deviations in brackets). Variable “tenure” corresponds to the number of years working in the current firm. Source: Authors’ calculations based on Quadros de Pessoal.
|
|
Baseline specification (2)
|
Specification (2) with additional
controls
|
|
|
1986
|
1996
|
2005
|
2010
|
2013
|
1986
|
1996
|
2005
|
2010
|
2013
|
|
Educ. (years)
|
0.0608***
|
0.0719***
|
0.0730***
|
0.0715***
|
0.0706***
|
0.0478***
|
0.0580***
|
0.0640***
|
0.0638***
|
0.0637***
|
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
|
Age
|
0.0580***
|
0.0458***
|
0.0413***
|
0.0404***
|
0.0423***
|
0.0489***
|
0.0406***
|
0.0382***
|
0.0363***
|
0.0374***
|
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
|
Age sqrd.
|
-0.0006***
|
-0.0004***
|
-0.0004***
|
-0.0004***
|
-0.0004***
|
-0.0005***
|
-0.0004***
|
-0.0003***
|
-0.0003***
|
-0.0003***
|
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
|
Sex (male=1)
|
0.1858***
|
0.2526***
|
0.2567***
|
0.2449***
|
0.2477***
|
0.1530***
|
0.1957***
|
0.2154***
|
0.2036***
|
0.1992***
|
|
(0.0007)
|
(0.0006)
|
(0.0006)
|
(0.0005)
|
(0.0006)
|
(0.0007)
|
(0.0007)
|
(0.0006)
|
(0.0006)
|
(0.0006)
|
|
Firm size (log)
|
0.0778***
|
0.0832***
|
0.0715***
|
0.0497***
|
0.0446***
|
0.0590***
|
0.0621***
|
0.0539***
|
0.0335***
|
0.0303***
|
|
(0.0002)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
|
Tenure
|
0.0078***
|
0.0117***
|
0.0166***
|
0.0165***
|
0.0164***
|
0.0097***
|
0.0122***
|
0.0174***
|
0.0162***
|
0.0159***
|
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
|
Tenure sqrd.
|
-0.0000***
|
-0.0002***
|
-0.0002***
|
-0.0002***
|
-0.0001***
|
-0.0001***
|
-0.0002***
|
-0.0003***
|
-0.0002***
|
-0.0002***
|
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
|
Intercept
|
-2.1323***
|
-1.9018***
|
-1.7187***
|
-1.6105***
|
-1.7051***
|
-2.0086***
|
-1.6877***
|
-1.5613***
|
-1.4275***
|
-1.5136***
|
|
(0.0033)
|
(0.0035)
|
(0.0034)
|
(0.0035)
|
(0.0039)
|
(0.0042)
|
(0.0043)
|
(0.0043)
|
(0.0043)
|
(0.0046)
|
|
Region controls
|
N
|
N
|
N
|
N
|
N
|
Y
|
Y
|
Y
|
Y
|
Y
|
|
Industry controls
|
N
|
N
|
N
|
N
|
N
|
Y
|
Y
|
Y
|
Y
|
Y
|
|
R-squared
|
0.54
|
0.53
|
0.49
|
0.45
|
0.45
|
0.63
|
0.59
|
0.53
|
0.5
|
0.49
|
|
N
|
990215
|
1464732
|
1981128
|
2042134
|
1904805
|
990215
|
1464732
|
1981128
|
2042134
|
1904805
|
* p<0.05; ** p<0.01; *** p<0.001. Source: Authors’ calculations based on Quadros de Pessoal.
|
|
1986
|
1996
|
2005
|
2010
|
2013
|
|
|
P10
|
P50
|
P90
|
P10
|
P50
|
P90
|
P10
|
P50
|
P90
|
P10
|
P50
|
P90
|
P10
|
P50
|
P90
|
|
Educ. (years)
|
0.0385***
|
0.0611***
|
0.0762***
|
0.0394***
|
0.0719***
|
0.0887***
|
0.0371***
|
0.0732***
|
0.0902***
|
0.0326***
|
0.0716***
|
0.0885***
|
0.0309***
|
0.0709***
|
0.0881***
|
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
|
Age
|
0.0503***
|
0.0530***
|
0.0705***
|
0.0235***
|
0.0405***
|
0.0655***
|
0.0188***
|
0.0386***
|
0.0599***
|
0.0147***
|
0.0368***
|
0.0600***
|
0.0135***
|
0.0387***
|
0.0646***
|
|
(0.0002)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0004)
|
|
Age sqrd
|
-0.0006***
|
-0.0006***
|
-0.0007***
|
-0.0002***
|
-0.0004***
|
-0.0006***
|
-0.0002***
|
-0.0003***
|
-0.0005***
|
-0.0001***
|
-0.0003***
|
-0.0005***
|
-0.0001***
|
-0.0003***
|
-0.0006***
|
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
|
Sex (male=1)
|
0.1522***
|
0.1906***
|
0.2174***
|
0.1710***
|
0.2575***
|
0.3158***
|
0.1533***
|
0.2568***
|
0.3393***
|
0.1244***
|
0.2407***
|
0.3268***
|
0.1206***
|
0.2391***
|
0.3379***
|
|
(0.0008)
|
(0.0008)
|
(0.0015)
|
(0.0005)
|
(0.0007)
|
(0.0014)
|
(0.0004)
|
(0.0006)
|
(0.0012)
|
(0.0003)
|
(0.0006)
|
(0.0012)
|
(0.0003)
|
(0.0006)
|
(0.0012)
|
|
Firm size (log)
|
0.0667***
|
0.0766***
|
0.0813***
|
0.0711***
|
0.0829***
|
0.0801***
|
0.0537***
|
0.0716***
|
0.0735***
|
0.0287***
|
0.0488***
|
0.0529***
|
0.0257***
|
0.0429***
|
0.0506***
|
|
(0.0002)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0003)
|
(0.0001)
|
(0.0002)
|
(0.0003)
|
(0.0001)
|
(0.0001)
|
(0.0003)
|
(0.0001)
|
(0.0001)
|
(0.0003)
|
|
Tenure
|
0.0073***
|
0.0074***
|
0.0084***
|
0.0116***
|
0.0136***
|
0.0038***
|
0.0129***
|
0.0167***
|
0.0106***
|
0.0112***
|
0.0167***
|
0.0112***
|
0.0128***
|
0.0170***
|
0.0088***
|
|
(0.0001)
|
(0.0001)
|
(0.0003)
|
(0.0001)
|
(0.0001)
|
(0.0003)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
|
Tenure sqrd
|
-0.0001***
|
-0.0000***
|
0
|
-0.0002***
|
-0.0002***
|
0.0001***
|
-0.0002***
|
-0.0002***
|
-0.0001***
|
-0.0002***
|
-0.0002***
|
-0.0000***
|
-0.0002***
|
-0.0001***
|
0.0001***
|
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
|
Intercept
|
-2.1000***
|
-2.0584***
|
-2.1252***
|
-1.4851***
|
-1.8398***
|
-1.9750***
|
-1.1600***
|
-1.6994***
|
-1.8373***
|
-0.8478***
|
-1.5666***
|
-1.7899***
|
-0.8485***
|
-1.6566***
|
-1.9629***
|
|
(0.0041)
|
(0.0035)
|
(0.0066)
|
(0.0019)
|
(0.0035)
|
(0.0073)
|
(0.0016)
|
(0.0035)
|
(0.0073)
|
(0.0015)
|
(0.0032)
|
(0.0077)
|
(0.0015)
|
(0.0033)
|
(0.0085)
|
|
N
|
990215
|
990215
|
990215
|
1464732
|
1464732
|
1464732
|
1981128
|
1981128
|
1981128
|
2042134
|
2042134
|
2042134
|
1904805
|
1904805
|
1904805
|
* p<0.05; ** p<0.01; *** p<0.001. Source: Authors’ calculations based on Quadros de Pessoal.
|
|
Baseline specification (4)
|
Specification (4) with additional controls
|
|
|
1986
|
1996
|
2005
|
2010
|
2013
|
1986
|
1996
|
2005
|
2010
|
2013
|
|
9th grade
|
0.3309***
|
0.2824***
|
0.2127***
|
0.1936***
|
0.1832***
|
0.2360***
|
0.1966***
|
0.1663***
|
0.1577***
|
0.1508***
|
|
(0.0011)
|
(0.0009)
|
(0.0007)
|
(0.0007)
|
(0.0008)
|
(0.0009)
|
(0.0008)
|
(0.0007)
|
(0.0007)
|
(0.0008)
|
|
Second. educ.
|
0.4365***
|
0.4604***
|
0.4138***
|
0.3839***
|
0.3720***
|
0.3156***
|
0.3304***
|
0.3278***
|
0.3117***
|
0.3058***
|
|
(0.0016)
|
(0.0010)
|
(0.0008)
|
(0.0008)
|
(0.0008)
|
(0.0012)
|
(0.0009)
|
(0.0008)
|
(0.0008)
|
(0.0008)
|
|
Tertiary educ.
|
0.7643***
|
0.9508***
|
0.9356***
|
0.8767***
|
0.8496***
|
0.6521***
|
0.8005***
|
0.8321***
|
0.7883***
|
0.7697***
|
|
(0.0026)
|
(0.0017)
|
(0.0011)
|
(0.0010)
|
(0.0010)
|
(0.0019)
|
(0.0014)
|
(0.0010)
|
(0.0009)
|
(0.0009)
|
|
Age
|
0.0569***
|
0.0437***
|
0.0397***
|
0.0401***
|
0.0425***
|
0.0471***
|
0.0381***
|
0.0360***
|
0.0356***
|
0.0370***
|
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
(0.0002)
|
|
Age sqrd.
|
-0.0006***
|
-0.0004***
|
-0.0004***
|
-0.0004***
|
-0.0004***
|
-0.0005***
|
-0.0004***
|
-0.0004***
|
-0.0003***
|
-0.0004***
|
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
|
Sex (male=1)
|
0.1947***
|
0.2543***
|
0.2581***
|
0.2484***
|
0.2525***
|
0.1606***
|
0.1964***
|
0.2167***
|
0.2068***
|
0.2030***
|
|
(0.0007)
|
(0.0006)
|
(0.0005)
|
(0.0005)
|
(0.0006)
|
(0.0007)
|
(0.0007)
|
(0.0006)
|
(0.0006)
|
(0.0006)
|
|
Firm size (log)
|
0.0784***
|
0.0841***
|
0.0713***
|
0.0500***
|
0.0450***
|
0.0584***
|
0.0620***
|
0.0532***
|
0.0333***
|
0.0303***
|
|
(0.0002)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
|
Tenure
|
0.0068***
|
0.0123***
|
0.0179***
|
0.0173***
|
0.0169***
|
0.0087***
|
0.0127***
|
0.0187***
|
0.0170***
|
0.0164***
|
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
(0.0001)
|
|
Tenure sqrd.
|
0
|
-0.0002***
|
-0.0003***
|
-0.0002***
|
-0.0001***
|
-0.0001***
|
-0.0002***
|
-0.0003***
|
-0.0002***
|
-0.0002***
|
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
|
Intercept
|
-1.8229***
|
-1.4761***
|
-1.2544***
|
-1.1626***
|
-1.2639***
|
-1.7812***
|
-1.3597***
|
-1.1697***
|
-1.0422***
|
-1.1261***
|
|
(0.0033)
|
(0.0035)
|
(0.0034)
|
(0.0035)
|
(0.0039)
|
(0.0042)
|
(0.0043)
|
(0.0042)
|
(0.0043)
|
(0.0046)
|
|
Region controls
|
N
|
N
|
N
|
N
|
N
|
Y
|
Y
|
Y
|
Y
|
Y
|
|
Industry controls
|
N
|
N
|
N
|
N
|
N
|
Y
|
Y
|
Y
|
Y
|
Y
|
|
R-squared
|
0.52
|
0.52
|
0.49
|
0.46
|
0.46
|
0.61
|
0.59
|
0.54
|
0.51
|
0.5
|
|
N
|
990215
|
1464732
|
1981128
|
2042134
|
1904805
|
990215
|
1464732
|
1981128
|
2042134
|
1904805
|
* p<0.05; ** p<0.01; *** p<0.001. Source: Authors’ calculations based on Quadros de Pessoal.
|
|
1986
|
1996
|
2005
|
2010
|
2013
|
|
|
P10
|
P50
|
P90
|
P10
|
P50
|
P90
|
P10
|
P50
|
P90
|
P10
|
P50
|
P90
|
P10
|
P50
|
P90
|
|
9th grade
|
0.1995***
|
0.3219***
|
0.4409***
|
0.1359***
|
0.2636***
|
0.3751***
|
0.0996***
|
0.1904***
|
0.2861***
|
0.0862***
|
0.1747***
|
0.2580***
|
0.0813***
|
0.1653***
|
0.2534***
|
|
(0.0013)
|
(0.0014)
|
(0.0022)
|
(0.0009)
|
(0.0011)
|
(0.0019)
|
(0.0006)
|
(0.0008)
|
(0.0016)
|
(0.0004)
|
(0.0007)
|
(0.0017)
|
(0.0004)
|
(0.0007)
|
(0.0018)
|
|
Second. educ.
|
0.2628***
|
0.4312***
|
0.5866***
|
0.2364***
|
0.4497***
|
0.6192***
|
0.1955***
|
0.3962***
|
0.5699***
|
0.1635***
|
0.3548***
|
0.5352***
|
0.1530***
|
0.3418***
|
0.5285***
|
|
(0.0017)
|
(0.0020)
|
(0.0027)
|
(0.0011)
|
(0.0012)
|
(0.0021)
|
(0.0007)
|
(0.0009)
|
(0.0017)
|
(0.0005)
|
(0.0008)
|
(0.0018)
|
(0.0005)
|
(0.0008)
|
(0.0018)
|
|
Tertiary educ.
|
0.5473***
|
0.8431***
|
0.8663***
|
0.6331***
|
1.0206***
|
1.1082***
|
0.6006***
|
0.9837***
|
1.1092***
|
0.4940***
|
0.9108***
|
1.0676***
|
0.4502***
|
0.8800***
|
1.0503***
|
|
(0.0054)
|
(0.0029)
|
(0.0035)
|
(0.0038)
|
(0.0021)
|
(0.0024)
|
(0.0020)
|
(0.0013)
|
(0.0018)
|
(0.0016)
|
(0.0011)
|
(0.0018)
|
(0.0014)
|
(0.0010)
|
(0.0019)
|
|
Age
|
0.0499***
|
0.0508***
|
0.0709***
|
0.0221***
|
0.0371***
|
0.0626***
|
0.0174***
|
0.0347***
|
0.0573***
|
0.0141***
|
0.0343***
|
0.0582***
|
0.0139***
|
0.0366***
|
0.0632***
|
|
(0.0002)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0004)
|
|
Age sqrd.
|
-0.0006***
|
-0.0006***
|
-0.0008***
|
-0.0002***
|
-0.0004***
|
-0.0006***
|
-0.0002***
|
-0.0003***
|
-0.0005***
|
-0.0001***
|
-0.0003***
|
-0.0005***
|
-0.0001***
|
-0.0004***
|
-0.0006***
|
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
|
Sex (male=1)
|
0.1610***
|
0.1981***
|
0.2189***
|
0.1697***
|
0.2576***
|
0.3154***
|
0.1517***
|
0.2550***
|
0.3411***
|
0.1264***
|
0.2415***
|
0.3327***
|
0.1248***
|
0.2418***
|
0.3459***
|
|
(0.0008)
|
(0.0008)
|
(0.0015)
|
(0.0005)
|
(0.0007)
|
(0.0014)
|
(0.0005)
|
(0.0006)
|
(0.0012)
|
(0.0004)
|
(0.0006)
|
(0.0012)
|
(0.0004)
|
(0.0006)
|
(0.0012)
|
|
Firm size (log.)
|
0.0653***
|
0.0768***
|
0.0811***
|
0.0697***
|
0.0834***
|
0.0818***
|
0.0525***
|
0.0699***
|
0.0749***
|
0.0279***
|
0.0467***
|
0.0544***
|
0.0255***
|
0.0403***
|
0.0515***
|
|
(0.0002)
|
(0.0002)
|
(0.0004)
|
(0.0001)
|
(0.0002)
|
(0.0003)
|
(0.0001)
|
(0.0002)
|
(0.0003)
|
(0.0001)
|
(0.0001)
|
(0.0003)
|
(0.0001)
|
(0.0001)
|
(0.0003)
|
|
Tenure
|
0.0067***
|
0.0062***
|
0.0076***
|
0.0112***
|
0.0145***
|
0.0047***
|
0.0132***
|
0.0182***
|
0.0121***
|
0.0116***
|
0.0173***
|
0.0122***
|
0.0136***
|
0.0166***
|
0.0094***
|
|
(0.0002)
|
(0.0001)
|
(0.0003)
|
(0.0001)
|
(0.0001)
|
(0.0003)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
(0.0001)
|
(0.0001)
|
(0.0002)
|
|
Tenure sqrd.
|
-0.0001***
|
0.0000***
|
0.0000***
|
-0.0003***
|
-0.0002***
|
0.0001***
|
-0.0002***
|
-0.0002***
|
-0.0001***
|
-0.0002***
|
-0.0002***
|
-0.0000***
|
-0.0002***
|
-0.0001***
|
0.0001***
|
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
(0.0000)
|
|
Intercept
|
-1.8962***
|
-1.7218***
|
-1.7707***
|
-1.2250***
|
-1.3824***
|
-1.4688***
|
-0.8965***
|
-1.1694***
|
-1.2918***
|
-0.6226***
|
-1.0440***
|
-1.2513***
|
-0.6578***
|
-1.1268***
|
-1.4207***
|
|
(0.0039)
|
(0.0034)
|
(0.0067)
|
(0.0018)
|
(0.0035)
|
(0.0071)
|
(0.0021)
|
(0.0034)
|
(0.0076)
|
(0.0016)
|
(0.0028)
|
(0.0079)
|
(0.0018)
|
(0.0030)
|
(0.0085)
|
|
N
|
990215
|
990215
|
990215
|
1464732
|
1464732
|
1464732
|
1981128
|
1981128
|
1981128
|
2042134
|
2042134
|
2042134
|
1904805
|
1904805
|
1904805
|
Notes: Coefficients obtained from QR regressions using specification (5) pooling data for men and women. Standard errors in parentheses. * p<0.05; ** p<0.01; *** p<0.001. Source: Authors’ calculations based on Quadros de Pessoal.
Table 1Descriptive statistics DISPLAY Table
Figure 1Employees by level of educational attainment (percentage) DISPLAY Figure
Figure 2Average real wage per hour (in euro) DISPLAY Figure
Figure 3Real wage growth (index 1986=1) DISPLAY Figure
Figure 4Real wage growth for workers with tertiary education (index 1986=1) DISPLAY Figure
Figure 5Average hourly wage by educational level DISPLAY Figure
Figure 6Educational composition of the wage distribution DISPLAY Figure
Figure 7OLS-based returns to an additional year of schooling DISPLAY Figure
Figure 8Returns to schooling across the wage distribution (per cent) DISPLAY Figure
Table 2Wage regressions – OLS DISPLAY Table
Table 3Wage regressions – Quantile regressions DISPLAY Table
Figure 9Dispersion in returns to schooling (percentage points) DISPLAY Figure
Figure 10Returns to schooling at the mean of the wage distribution by educational attainment (per cent) DISPLAY Figure
Table 4Wage regressions – OLS DISPLAY Table
Figure 11Returns to tertiary education in the post-2009 period for younger cohorts (per cent) DISPLAY Figure
Figure 12Returns to completing the 9th grade vs share of individuals with the 9th grade DISPLAY Figure
Figure 13Returns to schooling across the wage distribution by educational attainment (per cent) DISPLAY Figure
Table 5Wage regressions – Quantile Regressions DISPLAY Table
Figure A1Distribution of real wages in 1986 and 2013 DISPLAY Figure
Figure A2Real wage dispersion DISPLAY Figure
Figure A3Real wage dispersion by educational attainment DISPLAY Figure
* We thank comments by Nuno Alves, Cláudia Braz, Isabel H. Correia, Andy Garin, Miguel Gouveia, Pedro Portugal, Pedro Raposo and participants in a seminar held at Banco de Portugal. Suggestions by two anonymous referees are also gratefully acknowledged. The views herein expressed are our own and do not necessarily coincide with those of Banco de Portugal or the Eurosystem.
1 More precisely, we consider the mode of the highest level of education reported throughout the panel. The difference between the mode and the actual level reported is negligible and does not change either the magnitude of the estimates or their evolution over time.
2 For the purpose of assessing robustness of the estimates, we also ran regressions including controls for industry and region. This brings down the magnitude of the coefficients associated with educational attainment, but the evolution of returns over time is unchanged.
3 Significance tests show that this drop, although small, is statistically significant.
4 Note that the differences in returns estimated on the basis of QR for the 1986 and 2013 waves of QP are found to be statistically significant.
5 Refer to Heckman and Cunha (  2007).
|
|
June, 2018
II/2018 |
