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Liquidity constraints and the cyclicality of college enrollment in the United States

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  • Michael S. Christian

Abstract

Liquidity constraints have a procyclical influence on college enrollment, as people with limited borrowing power have more trouble affording college during recessions. Consequently, if enrollment is influenced by liquidity constraints, people who are more likely to be constrained may enroll more procyclically. Using Current Population Survey data over 1968--2000, I do not find substantive differences in the cyclicality of enrollment across homeowning and non-homeowning households. However, I find significantly more procyclical enrollment among people in households expected to have lower incomes. These findings offer mixed evidence for the historical influence of liquidity constraints on college enrollment in the United States. Copyright 2007, Oxford University Press.

Suggested Citation

  • Michael S. Christian, 2007. "Liquidity constraints and the cyclicality of college enrollment in the United States," Oxford Economic Papers, Oxford University Press, vol. 59(1), pages 141-169, January.
  • Handle: RePEc:oup:oxecpp:v:59:y:2007:i:1:p:141-169
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    File URL: http://hdl.handle.net/10.1093/oep/gpl021
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    Cited by:

    1. Peter Cappelli, 2014. "Skill Gaps, Skill Shortages and Skill Mismatches: Evidence for the US," NBER Working Papers 20382, National Bureau of Economic Research, Inc.
    2. Fethke, Gary, 2011. "A low-subsidy problem in public higher education," Economics of Education Review, Elsevier, vol. 30(4), pages 617-626, August.
    3. repec:sls:ipmsls:v:33:y:2017:7 is not listed on IDEAS
    4. Armona, Luis & Chakrabarti, Rajashri & Lovenheim, Michael, 2017. "How does for-profit college attendance affect student loans, defaults, and earnings?," Staff Reports 811, Federal Reserve Bank of New York.
    5. Adamopoulou, Effrosyni & Tanzi, Giulia M., 2014. "Academic Performance and the Great Recession," MPRA Paper 54913, University Library of Munich, Germany.
    6. Emanuela Ghignoni, 2015. "Family background and university dropouts during the crisis: the case of Italy," Working Papers 169, University of Rome La Sapienza, Department of Public Economics.
    7. Alessandrini, Diana & Kosempel, Stephen & Stengos, Thanasis, 2015. "The business cycle human capital accumulation nexus and its effect on hours worked volatility," Journal of Economic Dynamics and Control, Elsevier, vol. 51(C), pages 356-377.
    8. Nam, Yunju & Huang, Jin, 2009. "Equal opportunity for all? Parental economic resources and children's educational attainment," Children and Youth Services Review, Elsevier, vol. 31(6), pages 625-634, June.
    9. Johnson, Matthew T., 2013. "The impact of business cycle fluctuations on graduate school enrollment," Economics of Education Review, Elsevier, vol. 34(C), pages 122-134.

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