This paper analyses the evolution of the wage return to tertiary education in Spain,\ndistinguishing between advanced vocational training and university education. Using\nmicrodata from the Spanish Structure of Earnings Survey, the study estimates wage equations\nwhich, in addition to considering the human capital and the personal and employment\ncharacteristics of individuals as causal factors, includes a measure of the excess labour supply\nof university graduates by region. The results show that the wage differential of the graduate\npopulation fell, in general, in the period 1995-2006, and that a relatively high supply of\ngraduates in the regional labour market negatively affects wages in such regions, and that\nthese effects increase over time.
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