Human capital spillovers and the external returns to education / Pedro Portugal (Banco de Portugal, Nova SBE and IZA), Hugo Reis (Banco de Portugal, Católica Lisbon School of Business & Economics and IZA), Paulo Guimarães (Banco de Portugal, Universidade do Porto and IZA), Ana Rute (Cardoso Institute for Economic Analysis (IAE-CSIC), Barcelona School of Economics and IZA) ; IZA Institute of Labor Economics