This study investigates the effects of studying abroad through the Erasmus Programme (EP), a European Union programme launched primarily to foster international mobility and cultural exchange of University students, on the school-to-work transition of university graduates. Since a satisfactory transition does not only mean finding a job, but also concerns the wage level and the quality of work, such as stability, working hours and risk of overeducation, we consider all these aspects in order to draw a comprehensive picture of the effect of the EP. We exploit a composite dataset, built on administrative and survey data, covering all graduates from the largest Italian university from 2011 to 2015, and replicate the analysis on a national sample of graduates to verify whether the results can be extended nationwide. Estimates are provided, based on a PSM procedure, of the effects of the EP on the probability of employment, including abroad, on the quality of jobs and on wage levels at different points in time after graduation. We also investigate whether less advantaged students benefit from the Erasmus experience, and provide insights about the role of the foreign languages skills. The results show that the participation in the EP improves employment prospects at least in the short term, as well as the quality of job, and has a positive long term effect on the participants' ability to find a job abroad. The wages of participants are persistently higher than those of non-participants. Less advantaged groups also benefit from the Erasmus experience.

本研究调查了通过伊拉斯谟计划（EP）出国留学对大学毕业生从学校到工作的过渡的影响，该计划是一项欧盟计划，主要旨在促进大学生的国际流动性和文化交流。由于满意的转型不仅意味着找到工作，还涉及工资水平和工作质量，例如稳定性、工作时间和过度教育的风险，因此我们考虑所有这些方面，以便全面了解效果EP 的。我们利用基于行政和调查数据的综合数据集，涵盖 2011 年至 2015 年意大利最大大学的所有毕业生，并对全国毕业生样本进行重复分析，以验证结果是否可以推广到全国。根据 PSM 程序，对 EP 对毕业后不同时间点的就业可能性（包括国外就业）、工作质量和工资水平的影响进行了估计。我们还调查了弱势学生是否能从伊拉斯谟经验中受益，并提供关于外语技能作用的见解。结果表明，参与EP至少在短期内改善了就业前景以及工作质量，并对参与者在国外找到工作的能力产生积极的长期影响。参与者的工资持续高于非参与者。弱势群体也能从伊拉斯谟经验中受益。