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Title: The Evidence on Credit Constraints in Post-Secondary Schooling
Resulting in 1 citation.
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Carneiro, Pedro M. Heckman, James J. |
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The Evidence on Credit Constraints in Post-Secondary Schooling NBER Working Paper No. 9055, National Bureau of Economic Research, July 2002. Also: http://www.nber.org/papers/w9055 Cohort(s): Children of the NLSY79, NLSY79 Publisher: National Bureau of Economic Research (NBER) Keyword(s): Armed Forces Qualifications Test (AFQT); Cognitive Ability; College Enrollment; Credit/Credit Constraint; Debt/Borrowing; Educational Returns; Family Income; Income; Peabody Individual Achievement Test (PIAT- Math); Schooling; Schooling, Post-secondary This paper examines the family income--college enrollment relationship and the evidence on credit constraints in post-secondary schooling. We distinguish short-run liquidity constraints from the long-term factors that promote cognitive and noncognitive ability. Long-run factors crystallized in ability are the major determinants of the family income--schooling relationship, although there is some evidence that up to 4% of the total U.S. population is credit constrained in a short-run sense. Evidence that IV estimates of the returns to schooling exceed OLS estimates is sometimes claimed to support the existence of substantial credit constraints. This argument is critically examined. |
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Bibliography Citation
Carneiro, Pedro M. and James J. Heckman. "The Evidence on Credit Constraints in Post-Secondary Schooling." NBER Working Paper No. 9055, National Bureau of Economic Research, July 2002. |