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Oxford Economic Papers Advance Access originally published online on December 12, 2006
Oxford Economic Papers 2007 59(1):141-169; doi:10.1093/oep/gpl021
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© Oxford University Press 2006 All rights reserved

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

Michael S. Christian

Wisconsin Center for Education Research, School of Education, University of Wisconsin-Madison, 1025 West Johnson Street, Suite 785, Madison, WI 53706, USA; e-mail: mchristian2{at}wisc.edu


  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.

Key Words: JEL classifications: I2 • E3


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