The DOI matches its Crossref record; 55 of the 57 references it cites were found in a registry or an index.
The Nature of Credit Constraints and Human Capital
Abstract
We develop a human capital model with borrowing constraints explicitly derived from government student loan (GSL) programs and private lending under limited commitment. The model helps explain the persistent strong positive correlation between ability and schooling in the United States, as well as the rising importance of family income for college attendance. It also explains the increasing share of undergraduates borrowing the GSL maximum and the rise in student borrowing from private lenders. Our framework offers new insights regarding the interaction of government and private lending, as well as the responsiveness of private credit to economic and policy changes. (JEL D14, H52, I22, I23, J24)
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Cites
Becker, G. S. (1983) · Cited by 6,708
The Production of Human Capital and the Life Cycle of Earnings
Ben-Porath, Y. (1967) · Journal of Political Economy · doi:10.1086/259291 · Cited by 2,646
Changes in the Wage Structure and Earnings Inequality
Katz, L. F., & Autor, D. (1999) · Handbook of labour economics · doi:10.1016/s1573-4463(99)03007-2 · Cited by 2,085
The Evidence on Credit Constraints in Post‐Secondary Schooling
Carneiro, P., & Heckman, J. J. (2002) · The Economic Journal · doi:10.1111/1468-0297.00075 · Cited by 1,042
Cameron, S. V., & Heckman, J. J. (1998) · Journal of Political Economy · doi:10.1086/250010 · Cited by 1,017
Manski, C. F., & Wise, D. A. (1983) · Harvard University Press eBooks · doi:10.4159/harvard.9780674422285 · Cited by 977
The Dynamics of Educational Attainment for Black, Hispanic, and White Males
Cameron, S. V., & Heckman, J. J. (2001) · Journal of Political Economy · doi:10.1086/321014 · Cited by 911
Does Income Inequality Lead to Consumption Inequality? Evidence and Theory1
Krueger, D., & Perri, F. (2006) · The Review of Economic Studies · doi:10.1111/j.1467-937x.2006.00373.x · Cited by 895
Debt-Constrained Asset Markets
Kehoe, T. J., & Levine, D. K. (1993) · The Review of Economic Studies · doi:10.2307/2298103 · Cited by 874
Heckman, J. J., Lochner, L., & Taber, C. R. (1998) · Review of Economic Dynamics · doi:10.1006/redy.1997.0008 · Cited by 842
Self-citation
Research works printed but not linked: 5
- Berkner Lutz K, 2000, Federal Student Loans in, 1989, 1992
- Cameron Stephen V, 1999, Financing College Tuition: Government policies and Educational priorities, ed. Marvin H. Kosters, 76
- Cawley John, 2000, K. Arrow, S. Bowles and S. Durlauf, 230
- Ellwood David T, 2000, Securing the Future: Investing in Children from Birth to College, ed. Sheldon Danziger and Jane Waldfogel, 283
- Titus Marvin A, 2002, Federal Student Loans in, 1989, 1992
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Consumer Bankruptcy: A Fresh Start
Livshits, I., MacGee, J. C., & Tertilt, M. (2007) · American Economic Review · doi:10.1257/aer.97.1.402 · Cited by 486
Student Loans: Do College Students Borrow Too Much—Or Not Enough?
Avery, C., & Turner, S. (2012) · Journal of Economic Perspectives · doi:10.1257/jep.26.1.165 · Cited by 385
The Returns to College Admission for Academically Marginal Students
Zimmerman, S. (2014) · Journal of Labor Economics · doi:10.1086/676661 · Cited by 357
Piketty, T., & Saez, E. (2013) · Handbook of public economics · doi:10.1016/b978-0-444-53759-1.00007-8 · Cited by 315
Looney, A., & Yannelis, C. (2015) · Brookings Papers on Economic Activity · doi:10.1353/eca.2015.0003 · Cited by 276
Metadata
- Authors
- Lochner, L. J., & Monge-Naranjo, A.
- Affiliations
- Western University (CA)
- Department of Economics, Pennsylvania State University, 502 Kern Graduate Building, University Park, PA, 16802-3306.
- ORCID
- Lochner, Lance J
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2011-10-01
- Volume
- 101
- Issue
- 6
- Pages
- 2487-2529
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2141338042
- Cited by
- 347
- References
- 57
- Citations by year
- 2026: 22 · 2025: 18 · 2024: 19 · 2023: 16 · 2022: 21 · 2021: 12 · 2020: 28 · 2019: 16 · 2018: 22 · 2017: 32 · 2016: 31 · 2015: 27 · 2014: 32 · 2013: 17 · 2012: 19
- FWCI
- 118.92
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- American Economic Review (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Education › Higher Education Research Studies
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Education › School Choice and Performance
- Keywords
- credit constraints, human capital, student loans, private lending, limited commitment, college attendance, household income, private credit, education funding
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