It is widely held that imperfect capital markets mean that individuals from poor backgrounds cannot borrow to finance educational investments. But are these credit constraints an empirical reality? The 1995 Canadian Out of Employment Panel is used to take a new approach to this question...

Review of recent development in the field of econometrics and summative program evaluation. A central feature of recent developments is the attempt to allow for program impacts that vary across individuals. This contrasts with earlier econometric approaches which implicitly assumed a homogenous treatment effect.