burden on credit-constrained students. By contrast, gross forgone earnings do not have to be financed. We explore the … environment. We conclude that, on the margin, additional policies aimed at improving credit access will have little impact on …

evidence of credit constraints. Recently, however, Cameron, and Heckman (1998, 2000), Keane and Wolpin (1999), and Shea (1999 … bias arises when students have differential access to sources of credit for educational investments. The connection between … credit access and returns to schooling-first articulated by Becker (1972)- has been recently explored by Lang (1993) and Card …

evidence of credit constraints. Recently, however, Cameron, and Heckman (1998, 2000), Keane and Wolpin (1999), and Shea (1999 … bias arises when students have differential access to sources of credit for educational investments. The connection between … credit access and returns to schooling-first articulated by Becker (1972)- has been recently explored by Lang (1993) and Card …

This paper proposes and tests a theory of credit-driven asset bubbles which are neutral in their real effects. When a … output comes from an unusual regime. -- Bubbles ; fiscal theory of the price level ; collateral constraints ; neutrality …

This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households …. The market interaction of young credit-constrained households with older or richer unconstrained households generates the … following results. (1) Current income of young credit-constrainded households affects housing prices independentlyof aggregate …