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Jel Classification:J28 

Working Paper
Default Risk and Private Student Loans: Implications for Higher Education Policies

The private market for student loans has become an important source of college financing in the United States. Unlike government student loans, the terms on student loans in the private market are based on credit status. We quantify the importance of the private market for student loans and of credit status for college investment in a general equilibrium heterogeneous life-cycle economy. We find that students with good credit status invest in more college education (compared to those with bad credit status) and that this effect is more pronounced for low-income students. Furthermore, results ...
Finance and Economics Discussion Series , Paper 2014-66

Discussion Paper
Financing workforce development in a devolutionary era

Workforce development financing has changed significantly over the last 25 years. In 2008, federal funding for the traditional workforce development system was 83 percent lower in real terms than it had been in 1980. As the federal system plays a smaller role in workforce development financing, the job training landscape better represents a "marketplace" where students and job seekers use federal training vouchers and grant and student loan money from various sources, primarily the Higher Education Act's Pell Grant and Federal Student Loan programs. Additionally, increasing volatility in ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2016-2

Working Paper
Opioids and the Labor Market

This paper finds evidence that opioid availability decreases labor force participation while a large labor market shock does not influence the share of opioid abusers. We first identify the effect of availability on participation using the geographic variation in opioid prescription rates. We use a combination of the American Community Survey (ACS) and Centers for Disease Control and Prevention (CDC) county-level prescription data to examine labor market patterns across both rural and metropolitan areas of the United States from 2007 to 2016. Individuals in areas with higher prescription ...
Working Papers (Old Series) , Paper 1807

Working Paper
Opioids and the Labor Market

This paper studies the relationship between local opioid prescription rates and labor market outcomes for prime-age men and women between 2006 and 2016. We estimate the relationship at the most disaggregated level feasible in the American Community Survey in order to provide estimates that include rural areas that have, in some cases, seen particularly high prescription rates. Given the limited time period, it is particularly important to account for geographic variation in both short-term and long-term economic conditions. We estimate three panel models to control for evolving local economic ...
Working Papers , Paper 201807R2

Working Paper
Opioids and the Labor Market

This paper studies the relationship between local opioid prescription rates and labor market outcomes. We improve the joint measurement of labor market outcomes and prescription rates in the rural areas where nearly 30 percent of the US population lives. We find that increasing the local prescription rate by 10 percent decreases the prime-age employment rate by 0.50 percentage points for men and 0.17 percentage points for women. This effect is larger for white men with less than a BA (0.70 percentage points) and largest for minority men with less than a BA (1.01 percentage points). Geography ...
Working Papers , Paper 201807R

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