Entrepreneurship, College, and Credit: The Golden Triangle
构建模型评估大学融资对创业的总体影响，发现大学教育通过提高劳动收入缓解信贷约束，从而增加创业率；反之，创业融资变化也会影响大学入学。
Abstract We develop a model to evaluate the aggregate impact of college finance in an environment with entrepreneurship. The calibrated model captures the stylized fact that entrepreneurs with college are more common and more profitable in the United States. The calibration indicates this is mainly because higher labor earnings allow college‐educated agents to ameliorate credit constraints if and when they eventually become entrepreneurs. Changes in financing constraints on entrepreneurs can thus affect college attendance, and changes in financing constraints on college can affect entrepreneurship rates as well.