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

Michael S. Christian

Oxford Economic Papers, 2007, vol. 59, issue 1, 141-169

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.

Date: 2007
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