Panel B of Fig. 2 replicates this exercise, graphing residual earnings from a regression on individual fixed effects. The
dashed line without a confidence interval represents the average quarterly county unemployment rate. The largest earnings
gains to degree recipients accrue at the end of the sample period, when unemployment is increasing. During this
same period, the residual earnings of college drop-outs and women who do not attend college are indistinguishable and
decline to below pre-entry levels at approximately 18 quarters after entry