Estimating The Returns to Community College Schooling for Displaced Workers
The report finds that returning to school for even a one-year equivalent at a community college and pursing courses in science, technology and math can substantially benefit workers who are laid-off or demoted to a less-paying job. The jobs being filled by experienced workers who are laid-off generally pay less, therefore, new skills are required to earn the same pay.
Link
http://www.chicagofed.org/publications/workingpapers/papers/wp2002-31.pdf