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Research ArticleArticles

Reconsidering the Use of Nonlinearities in Intergenerational Earnings Mobility as a Test for Credit Constraints

Nathan D. Grawe
Journal of Human Resources, July 2004, 39 (3) 813-827; DOI: https://doi.org/10.3368/jhr.39.3.813
Nathan D. Grawe
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Abstract

Intergenerational earnings regression among Canadian men is nonlinear; middle-earning families experience slower regression. This pattern appears to confirm economic models of educational choice with credit constraints. This paper reexamines the economic model and finds no connection between credit markets and earnings regression nonlinearities. In particular, credit constraints need not produce concavity and concavity does not imply credit market failure. Despite the invalidity of the test, data availability will likely lead to continued research along this path. The paper proposes an amended test using quantile regressions. Applied to Canadian data, the simple liquidity constraint conclusion is rejected.

  • Received February 2002.
  • Accepted May 2003.

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Journal of Human Resources
Vol. 39, Issue 3
1 Jul 2004
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Reconsidering the Use of Nonlinearities in Intergenerational Earnings Mobility as a Test for Credit Constraints
Nathan D. Grawe
Journal of Human Resources Jul 2004, 39 (3) 813-827; DOI: 10.3368/jhr.39.3.813

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Reconsidering the Use of Nonlinearities in Intergenerational Earnings Mobility as a Test for Credit Constraints
Nathan D. Grawe
Journal of Human Resources Jul 2004, 39 (3) 813-827; DOI: 10.3368/jhr.39.3.813
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