中文摘要
学生债务降低了本科毕业后继续深造的入学率和收入增长,但并未推迟首次购房。我们构建了一个包含财富异质性与金融摩擦的生命周期人力资本模型,并表明高债务余额会扭曲职业选择,原因是继续深造的回报取决于当期收入。学生债务通过两条途径影响住房自有:其一,通过传统的财富渠道抑制购房;其二,通过抑制继续深造、促使尽早进入劳动力市场而提高住房自有率。最后,我们讨论了不同贷款还款方案下学生借贷的影响。
Abstract
Student debt decreases post-bachelor school enrollment and earnings growth but does not delay first-time home ownership. We introduce a life-cycle human capital model with wealth heterogeneity and financial frictions and show that high debt balances distort career choices because returns to further education depend on current income. Student debt impacts home ownership in two ways. First, it deters ownership via the traditional wealth channel. Second, it increases ownership by discouraging further education in favor of early labor market entry. Finally, we discuss the impact of student borrowing under different loan repayment schemes.