%0 Report
        %A Carneiro, Pedro
%A Heckman, James J.
        %T The Evidence on Credit Constraints in Post-Secondary Schooling
        %D 2002
        %8 2002 Jun
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 518
        %U https://www.iza.org/publications/dp518
        %X 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 8% of the 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.

        %K human capital
%K return to education
%K credit constraints