a). All three time series (non-students, p-t students, f-t students) display up-and-down volatility over the short-term (i.e. periods of less than a year). What may explain this volatility?

b). Despite this volatility, one can observe a fall in the employment rate trend across all three groups after 2008? What may explain this fall?

c). The difference in average employment rates over this time period between 1) non- students and p-t students and 2) f-t students is between 30 and 35 percentage points. What may explain this difference?

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