This paper investigates the determinants of credit demand in the presence of borrowing constraints for the Chilean economy using a recently collected detailed and innovative data set, the Households Financial Survey. The estimation procedure employed allows for the observed debt to be a function...

This paper provides a control function estimator to adjust for endogeneity in the triangular simultaneous equations model where there are no available exclusion restrictions to generate suitable instruments. Our approach is to exploit the dependence of the errors on exogenous variables (e.g....

This paper employs conditional second moments to identify the impact of education in wage regressions where education is treated as endogenous. This approach avoids the use of instrumental variables in a setting where instruments are frequently not available. We employ this methodology to...

This paper examines whether the substantial benefits reported for attending Catholic schools in the United States also exist for students of Catholic schools in Australia. We find that despite its relatively low cost, attendance at Australian Catholic schools increases the probability of...

This paper surveys the available methods for estimating models with sample selection bias. I initially examine the fully parameterized model proposed by Heckman (1979) before investigating departures in two directions. First, I consider the relaxation of distributional assumptions. In doing so I...

This paper provides a control function estimator to adjust for endogeneity in the triangular simultaneous equations model where there are no available exclusion restrictions to generate suitable instruments. Our approach is to exploit the dependence of the errors on exogenous variables (e.g....

This paper provides some simple methods of interpreting the coefficients in multinomial logit and ordered logit models. These methods are summarized in Propositions concerning the magnitudes, signs, and patterns of partial derivatives of the outcome probabilities with respect to the...

This article documents the expansion of college education in the United States and examines to what extent the increase in the number of college graduates may have lead to a decline in the average quality of college graduates. Using the 1940--90 Census, we compare across birth year cohorts with...