Reconsidering the Use of Nonlinearities in Intergenerational Earnings Mobility as a Test for Credit Constraints
重新检验了代际收入回归中的非线性模式，发现该模式不能作为信贷约束的证据，并提出了基于分位数回归的修正检验，应用于加拿大数据后拒绝了简单的流动性约束结论。
Abstract Intergenerational earnings regression among Canadian men is nonlinear; middle-earning families experience slower regression. This pattern appears to confirm economic models of educational choice with credit constraints. This paper reexamines the economic model and finds no connection between credit markets and earnings regression nonlinearities. In particular, credit constraints need not produce concavity and concavity does not imply credit market failure. Despite the invalidity of the test, data availability will likely lead to continued research along this path. The paper proposes an amended test using quantile regressions. Applied to Canadian data, the simple liquidity constraint conclusion is rejected.