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The Nature of Credit Constraints and Human Capital

Lochner, Lance J. - 2008

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...

Persistent link: https://www.econbiz.de/10012464735

Human Capital Formation with Endogenous Credit Constraints

Lochner, Lance - 2002

We study the accumulation of human capital and the behavior of consumption and earnings in a life cycle equilibrium model with endogenous borrowing constraints. Constraints arise endogenously from the inalienability of human capital and the limited punishments that creditors are able to impose...

Persistent link: https://www.econbiz.de/10012469900

Credit Constraints in Education

Lochner, Lance - 2011

A common limitation across all areas of the human capital literature is the imposition of ad hoc constraints on credit. We propose a more careful treatment of the structure of government student loan programs as well as the incentive problems underlying private credit. We show that endogenizing...

Persistent link: https://www.econbiz.de/10012461223

Intra-Household Insurance and the Intergenerational Transmission of Income Risk

Agostinelli, Francesco; Ferraro, Domenico; Qiu, Xincheng; … - National Bureau of Economic Research - 2024

This paper studies the mechanisms and the extent to which parental wage risk passes through to children's skill development. Through a quantitative dynamic labor supply model in which two parents choose whether to work short or long hours or not work at all, time spent with children, and...

Persistent link: https://www.econbiz.de/10014468296

"Golden Ages" : A Tale of the Labor Markets in China and the United States

Fang, Hanming; Qiu, Xincheng - National Bureau of Economic Research - 2021

We study the labor markets in China and the United States, the two largest economies in the world, by examining the … U.S., but decreased sharply from 55 to around 35 in China; second, the age-specific earnings grew drastically in China … similar in the U.S., but differed substantially in China. We propose and empirically implement a decomposition framework to …

Persistent link: https://www.econbiz.de/10012696432