The Nature of Credit Constraints and Human Capital
构建了一个包含政府学生贷款和私人借贷的人力资本模型，解释了美国能力与教育程度的强正相关、家庭收入对大学入学的重要性上升，以及学生贷款结构的变化。
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.