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作者：Forneron, Jean-Jacques
作者单位：Boston University
摘要：This paper proposes a Sieve Simulated Method of Moments (Sieve-SMM) estimator for the parameters and the distribution of the shocks in nonlinear dynamic models where the likelihood and the moments are not tractable. An important concern with SMM, which matches sample with simulated moments, is that a parametric distribution is required. However, economic quantities that depend on this distribution, such as welfare and asset prices, can be sensitive to misspecification. The Sieve-SMM estimator ...
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作者：Gomez, Matthieu
作者单位：Columbia University
摘要：What drives the dynamics of top wealth inequality? To answer this question, I propose an accounting framework that decomposes the growth of the share of aggregate wealth owned by a top percentile into three terms: a within term, which is the average wealth growth of individuals initially in the top percentile relative to the economy; a between term, which accounts for individuals entering and exiting the top percentile due to changes in their relative wealth rankings; and a demography term, wh...
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作者：Fang, Zheng; Santos, Andres; Shaikh, Azeem M.; Torgovitsky, Alexander
作者单位：Emory University; University of California System; University of California Los Angeles; University of Chicago
摘要：This paper considers the problem of testing whether there exists a non-negative solution to a possibly under-determined system of linear equations with known coefficients. This hypothesis testing problem arises naturally in a number of settings, including random coefficient, treatment effect, and discrete choice models, as well as a class of linear programming problems. As a first contribution, we obtain a novel geometric characterization of the null hypothesis in terms of identified parameter...
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作者：Gu, Jiaying; Koenker, Roger
作者单位：University of Toronto; University of London; University College London
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作者：Parise, Francesca; Ozdaglar, Asuman
作者单位：Cornell University; Massachusetts Institute of Technology (MIT)
摘要：In this paper, we present a unifying framework for analyzing equilibria and designing interventions for large network games sampled from a stochastic network formation process represented by a graphon. To this end, we introduce a new class of infinite population games, termed graphon games, in which a continuum of heterogeneous agents interact according to a graphon, and we show that equilibria of graphon games can be used to approximate equilibria of large network games sampled from the graph...
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作者：Sentana, Enrique
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作者：Hong, Harrison; Wang, Neng; Yang, Jinqiang
作者单位：Columbia University; National Bureau of Economic Research; Columbia University; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
摘要：Emissions abatement alone cannot address the consequences of global warming for weather disasters. We model how society adapts to manage disaster risks to capital stock. Optimal adaptation-a mix of firm-level efforts and public spending-varies as society learns about the adverse consequences of global warming for disaster arrivals. Taxes on capital are needed alongside those on carbon to achieve the first best. We apply our model to country-level control of flooding from tropical cyclones. Lea...
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作者：Houde, Jean-Francois; Newberry, Peter; Seim, Katja
作者单位：University of Wisconsin System; University of Wisconsin Madison; University System of Georgia; University of Georgia; Yale University
摘要：We quantify the distortionary effects of nexus tax laws on Amazon's distribution network investments between 1999 and 2018. We highlight the role of two features of the expansion of Amazon's network: densification of the network of distribution facilities and vertical integration into package sortation. Densification results in a reduction in the cost of shipping orders, but comes at the expense of higher facility operating costs in more expensive areas and lower scale economies of processing ...
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作者：Eden, Maya
作者单位：Brandeis University; University of Oxford; Centre for Economic Policy Research - UK
摘要：In this paper, I consider two normative questions: (1) how should policymakers approach tradeoffs that involve different age groups, and (2) at what rate should policymakers discount the consumption of future generations? I demonstrate that, under standard assumptions, these two questions are equivalent: caring more about the future means caring less about the elderly. Even small differences between the social discount rate and the market interest rate can have significant quantitative implica...
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作者：Lentz, Rasmus; Piyapromdee, Suphanit; Robin, Jean-Marc
作者单位：University of Wisconsin System; University of Wisconsin Madison; Aarhus University; University of London; University College London; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：In this paper, we formulate and estimate a flexible model of job mobility and wages with two-sided heterogeneity. The analysis extends the finite mixture approach of Bonhomme, Lamadon, and Manresa (2019) and Abowd, McKinney, and Schmutte (2019) to develop a new Classification Expectation-Maximization algorithm that ensures both worker and firm latent-type identification using wage and mobility variations in the data. Workers receive job offers in worker-type segmented labor markets. Offers are...
