We study the relationship between returns to education and the wage distribution in Europe and\nwe find evidence for a new fact: A hump-shaped relationship between returns and the wage\ndistribution. This hump-shaped relationship between returns to education and the wage\ndistribution means that investments on education contributes to increase inequality between the\nlower bound of the wage distribution and the median (roughly) but for the richer part of the\nwage distribution, education tends to decrease wage inequality. There is also evidence of a\nnon-monotonous relationship between returns to tenure and gender, on one side, and the wage\ndistribution, on the other side.
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