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作者：Chatterjee, Satyajit; Ionescu, Felicia
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Colgate University
摘要：Participants in student loan programs must repay loans in full regardless of whether they complete college. But many students who take out a loan do not earn a degree (the dropout rate among college students is between 33 and 50 percent). We examine whether insurance, in the form of loan forgiveness in the event of failure to complete college, can be offered, taking into account moral hazard and adverse selection. To do so, we develop a model that accounts for college enrollment and graduation...
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作者：Kaplan, Greg
作者单位：University of Pennsylvania
摘要：I structurally estimate an incomplete markets life-cycle model with endogenous labor supply using data on the joint distribution of wages, hours, and consumption. The model is successful at matching the evolution of both the first and second moments of the data over the life cycle. The key challenge for the model is to generate declining inequality in annual hours worked over the first half of the working life, while respecting the constraints imposed by the data on consumption and wages. I ar...
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作者：Balleer, Almut
作者单位：RWTH Aachen University; Stockholm University
摘要：Can the standard search-and-matching labor market model replicate the business cycle fluctuations of the job finding rate and the unemployment rate? In the model, these fluctuations are driven by movements in productivity. This paper investigates the sources of productivity fluctuations that are commonly interpreted as technology shocks. I estimate different types of technology shocks from structural vector autoregressions and reassess the empirical performance of the standard model based on s...
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作者：Arcidiacono, Peter; Foster, Gigi; Goodpaster, Natalie; Kinsler, Josh
作者单位：Duke University; University of New South Wales Sydney; University of Rochester
摘要：Obtaining consistent estimates of spillovers in an educational context is hampered by at least two issues: selection into peer groups and peer effects emanating from unobservable characteristics. We develop an algorithm for estimating spillovers using panel data that addresses both of these problems. The key innovation is to allow the spillover to operate through the fixed effects of a student's peers. The only data requirements are multiple outcomes per student and heterogeneity in the peer g...
