| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w22999
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| 来源ID | Working Paper 22999
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| Inequality in Human Capital and Endogenous Credit Constraints |
| Rong Hai; James J. Heckman
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| 发表日期 | 2017-01-02
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| 出版年 | 2017
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| 语种 | 英语
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| 摘要 | This paper investigates the determinants of inequality in human capital with an emphasis on the role of the credit constraints. We develop and estimate a model in which individuals face uninsured human capital risks and invest in education, acquire work experience, accumulate assets and smooth consumption. Agents can borrow from the private lending market and from government student loan programs. The private market credit limit is explicitly derived by extending the natural borrowing limit of Aiyagari (1994) to incorporate endogenous labor supply, human capital accumulation, psychic costs of working, and age. We quantify the effects of cognitive ability, noncognitive ability, parental education, and parental wealth on educational attainment, wages, and consumption. We conduct counterfactual experiments with respect to tuition subsidies and enhanced student loan limits and evaluate their effects on educational attainment and inequality. We compare the performance of our model with an influential ad hoc model in the literature with education-specific fixed loan limits. We find evidence of substantial life cycle credit constraints that affect human capital accumulation and inequality. The constrained fall into two groups: those who are permanently poor over their lifetimes and a group of well-endowed individuals with rising high levels of acquired skills who are constrained early in their life cycles. Equalizing cognitive and noncognitive ability has dramatic effects on inequality. Equalizing parental backgrounds has much weaker effects. Tuition costs have weak effects on inequality. |
| 主题 | Health, Education, and Welfare
; Education
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| URL | https://www.nber.org/papers/w22999
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580672
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推荐引用方式
GB/T 7714 |
Rong Hai,James J. Heckman. Inequality in Human Capital and Endogenous Credit Constraints. 2017.
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文件名：
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w22999.pdf
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格式：
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Adobe PDF
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