@TechReport{iza:izadps:dp16898,
            	author={Mahajan, Parag and Patki, Dhiren and Stüber, Heiko},
            	title={Bad Times, Bad Jobs? How Recessions Affect Early Career Trajectories},
            	year={2024},
	month={Apr},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={16898},
            	url={https://www.iza.org/publications/dp16898},
	abstract={Workers who enter the labor market during recessions experience lasting earnings losses, but the role of non-pay amenities in exacerbating or counteracting these losses remains unknown. Using population-scale data from Germany, we find that labor market entry during recessions generates a 5 percent reduction in earnings cumulated over the first decade of experience. Implementing a revealed-preference estimator of employer quality that aggregates information from the universe of worker moves across employers, we find that 17 percent of recession-induced earnings losses are compensated by non-pay amenities. Purely pecuniary estimates can therefore overstate the welfare costs of labor market entry during recessions.},
	keywords={earnings inequality;recessions;non-pay amenities},
            }