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作者：Abadie, A
作者单位：Harvard University; National Bureau of Economic Research
摘要：The difference-in-differences (DID) estimator is one of the most popular tools for applied research in economics to evaluate the effects of public interventions and other treatments of interest on some relevant outcome variables. However, it is well known that the DID estimator is based on strong identifying assumptions. In particular, the conventional DID estimator requires that, in the absence of the treatment, the average outcomes for the treated and control groups would have followed paral...
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作者：Chen, XH; Hong, H; Tamer, E
作者单位：New York University; Duke University; Northwestern University
摘要：We study the problem of parameter inference in (possibly non-linear and non-smooth) econometric models when the data are measured with error. We allow for arbitrary correlation between the true variables and the measurement errors. To solve the identification problem, we require the existence of an auxiliary data-set that contains information about the conditional distribution of the true variables given the mismeasured variables. Our main assumption requires that the conditional distribution ...
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作者：Nakajima, T; Polemarchakis, H
作者单位：Brown University
摘要：We study whether monetary economies display nominal indeterminacy: equivalently, whether monetary policy determines the path of prices under uncertainty. In a simple, stochastic, cash-in-advance economy, we find that indeterminacy arises and is characterized by the initial price level and a probability measure associated with state-contingent nominal bonds: equivalently, monetary policy determines an average, but not the distribution of inflation across realizations of uncertainty. The result ...
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作者：Dustmann, C; Meghir, C
作者单位：University of London; University College London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：In this paper we study the sources of wage growth. We identify the contribution to such growth of general, sector specific and firm specific human capital. Our results are interpretable within the context of a model where the returns to human capital may be heterogeneous and where firms may offer different combinations of entry level wages and firm specific human capital development. We allow for the possibility that wages are match specific and that workers move jobs as a result of identifyin...
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作者：Galí, J; Monacelli, T
作者单位：National Bureau of Economic Research
摘要：We lay out a small open economy version of the Calvo sticky price model, and show how the equilibrium dynamics can be reduced to a simple representation in domestic inflation and the output gap. We use the resulting framework to analyse the macroeconomic implications of three alternative rulebased policy regimes for the small open economy: domestic inflation and CPI-based Taylor rules, and an exchange rate peg. We show that a key difference among these regimes lies in the relative amount of ex...
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作者：Bertola, G; Guiso, L; Pistaferri, L
作者单位：University of Turin; University of Sassari; Stanford University
摘要：We characterize infrequent durables stock adjustment by consumers who also derive utility from non-durable consumption flows in the presence of idiosyncratic income uncertainty. The data we analyse include subjective future income uncertainty measures, which we use as instruments in the estimation of relevant parameters of heterogeneous consumers' dynamic adjustment problems. The data feature two conceptually distinct sources of variation: cross-sectional heterogeneity of the sampled household...
