Macroeconomic Implications of Student Debt: A State‐Level Analysis
利用美国2003-2019年州级数据，研究发现学生债务上升在中期内降低了消费增长，且当债务增加未伴随教育程度提升时影响更大。
Abstract Using state‐level data for the 2003–2019 period, we show that the rise in outstanding student debt in the United States has contributed to lower consumption growth in the medium run. The estimated effects are larger when we use an instrumental variable approach identifying the hypothetical impact of an increase in student debt without an associated increase in educational attainment. This approach exploits variations in state appropriations for higher education, federal student loan limits, and interest rates on federal loans. We also find suggestive evidence that expansions in student loans lead to subsequent increases in credit card debt.