I have three consecutive waves of panel data with which I will be estimating incomes based on the Mincer equation. I have ~6,500 cases per wave.

A few sources I read said that if you have only a few waves, then you can forego the fixed effects model and simply use normal OLS regression and introduce the waves as dummies in your equation. The reasoning being that: 1. It's easier, 2. The dummies account for any variation between waves and therefore produce the same coefficients as the fixed effects model, and 3. The output is easier to interpret.

However, none of these sources mentioned any of the consequences of doing OLS with dummies for the three waves. Do the normal rules of regression apply? Or is there anything that I should be aware of when interpreting the results?

Thanks in advance for your insight