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| Tekijä: | Fender, J. Wang, P. |
| Otsikko: | Educational policy in a credit constrained economy with skill heterogeneity |
| Lehti: | International Economic Review
2003 : AUG, VOL. 44:3, p. 939-964 |
| Asiasana: | Human capital Skilled workers Education Financial policy |
| Kieli: | eng |
| Tiivistelmä: | An overlapping-generations model where agents choose whether to become educated when young is presented. The authors characterize the steady-state equilibrium with and without credit constraints and show that credit constraints are associated with lower education and a lower real interest rate. The authors then study the role of public policy in remedying the inefficiency which occurs with credit market imperfections and examine whether public education can improve on the constrained equilibrium. |
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