Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
type="main" xml:id="ecca12143-abs-0001"> <p>It is well documented that graduates enter different occupations in recessions than in booms. In our paper, we examine the impact of the resulting change in the allocation of talent for long-term productivity and output in a sector. In a setting where output can be quantitatively and qualitatively measured, we find evidence that talent flows to stable sectors in recessions and to cyclical sectors in booms: economists starting or graduating from their PhD in a recession are significantly more productive in academia over the long term than economists starting or graduating in a boom.