@TechReport{iza:izadps:dp8889,
            	author={Cockx, Bart and Ghirelli, Corinna},
            	title={Scars of Recessions in a Rigid Labor Market},
            	year={2015},
	month={Feb},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={8889},
            	url={https://www.iza.org/publications/dp8889},
	abstract={We study the impact of graduating in a recession in Flanders (Belgium), i.e. in a rigid labor market. In the presence of a high minimum wage, a typical recession hardly influences the hourly wage of low educated men, but reduces working time and earnings by about 4.5% up to twelve years after graduation. For the high educated, the working time is not persistently affected, but the penalty on the hourly wage (and earnings) increases with experience, and attains roughly -6% ten years after labor market entry. We also contribute to the literature on inference with few clusters.},
	keywords={cluster robust;graduating;labor market rigidity;recession;scars;few clusters},
            }