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CRIEFF Discussion Papers list Abstract
Do workers benefit from the education of their co-workers? We investigate this
question drawing on a panel of large Portuguese firms and their workers, using
fixed effects and instrumenting average schooling in each firm-year with its
lagged value and the lagged share of retirement-age workers. We find evidence
of substantial firm-level social returns (at about 19%), much larger than standard
estimates of private returns to education, and of sizeable returns accruing
to less educated workers but not to their more educated colleagues.
Key Words
Social Returns to Education, Education Spillovers, Matched Employer-Employee
Data, Wages, Portugal.
JEL Classifications
J24, J31, I20
Pedro S. Martins
University of St Andrews & University of Warwick
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