| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13912 |
| 来源ID | Working Paper 13912 |
| The Nature of Credit Constraints and Human Capital | |
| Lance J. Lochner; Alexander Monge-Naranjo | |
| 发表日期 | 2008-04-03 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper studies the nature and impact of credit constraints in the market for human capital. We derive endogenous constraints from the design of government student loan programs and from the limited repayment incentives in private lending markets. These constraints imply cross-sectional patterns for schooling, ability, and family income that are consistent with U.S. data. This contrasts with the standard exogenous constraint model, which predicts a counterfactual negative ability -- schooling relationship for low-income youth. We show that the rising empirical importance of familial wealth and income in determining college attendance (Belley and Lochner 2007) is consistent with increasingly binding credit constraints in the face of rising tuition costs and returns to schooling. Our framework also explains the recent increase in private credit for college as a market response to the rising returns to school. |
| 主题 | Public Economics ; Health, Education, and Welfare ; Education |
| URL | https://www.nber.org/papers/w13912 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571586 |
| 推荐引用方式 GB/T 7714 | Lance J. Lochner,Alexander Monge-Naranjo. The Nature of Credit Constraints and Human Capital. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13912.pdf（475KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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