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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper presents three sets of results about equilibrium bias of technology. First, I show that when the menu of technological possibilities only allows for factor-augmenting technologies, the increase in the supply of a factor induces technological change relatively biased toward that factor-meaning that the induced technological change increases the relative marginal product of the factor becoming more abundant. Moreover, this induced bias can be strong enough to make the relative margina...
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作者：Chamberlain, Gary
摘要：This paper applies some general concepts in decision theory to a simple instrumental variables model. There are two endogenous variables linked by a single structural equation; k of the exogenous variables are excluded from this structural equation and provide the instrumental variables (IV). The reduced-form distribution of the endogenous variables conditional on the exogenous variables corresponds to independent draws from a bivariate normal distribution with linear regression functions and ...
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作者：Kling, Jeffrey R.; Liebman, Jeffrey B.; Katz, Lawrence F.
作者单位：Brookings Institution; Harvard University; Harvard University
摘要：Families, primarily female-headed minority households with children, living in high-poverty public housing projects in five U.S. cities were offered housing vouchers by lottery in the Moving to Opportunity program. Four to seven years after random assignment, families offered vouchers lived in safer neighborhoods that had lower poverty rates than those of the control group not offered vouchers. We find no significant overall effects of this intervention on adult economic self-sufficiency or ph...
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作者：Chatterjee, Satyajit; Corbae, Dean; Nakaiima, Makoto; Rios-Rull, Jose-Victor
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign; University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Minnesota System; University of Minnesota Twin Cities
摘要：We study, theoretically and quantitatively, the general equilibrium of an economy in which households smooth consumption by means of both a riskless asset and unsecured loans with the option to default. The default option resembles a bankruptcy filing under Chapter 7 of the U.S. Bankruptcy Code. Competitive financial intermediaries offer a menu of loan sizes and interest rates wherein each loan makes zero profits. We prove the existence of a steady-state equilibrium and characterize the circum...
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作者：Angeletos, George-Marios; Hellwig, Christian; Pavan, Alessandro
摘要：Global games of regime change-coordination games of incomplete information in which a status quo is abandoned once a sufficiently large fraction of agents attack it-have been used to study crises phenomena such as currency attacks, bank runs, debt crises, and political change. We extend the static benchmark examined in the literature by allowing agents to take actions in many periods and to learn about the underlying fundamentals over time. We first provide a simple recursive algorithm for the...
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作者：Das, Sanghamitra; Roberts, Mark J.; Tybout, James R.
摘要：As the exchange rate, foreign demand, and production costs evolve, domestic producers are continually faced with two choices: whether to be an exporter and, if so, how much to export. We develop a dynamic structural model of export supply that characterizes these two decisions. The model embodies plant-level heterogeneity in export profits, uncertainty about the determinants of future profits, and market entry costs for new exporters. Using a Bayesian Monte Carlo Markov chain estimator, we fit...
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作者：Mikusheva, Anna
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The purpose of this paper is to provide theoretical justification for some existing methods for constructing confidence intervals for the sum of coefficients in autoregressive models. We show that the methods of Stock (1991), Andrews (1993), and Hansen (1999) provide asymptotically valid confidence intervals, whereas the subsampling method of Romano and Wolf (2001) does not. In addition, we generalize the three valid methods to a larger class of statistics. We also clarify the difference betwe...
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作者：Kubler, Felix
作者单位：University of Pennsylvania
摘要：In this paper I demonstrate how one can generalize finitely many examples to statements about (infinite) classes of economic models. If there exist upper bounds on the number of connected components of one-dimensional linear subsets of the set of parameters for which a conjecture is true, one can conclude that it is correct for all parameter values in the class considered, except for a small residual set, once one has verified the conjecture for a predetermined finite set of points. I show how...
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作者：Sannikov, Yuliy
作者单位：University of California System; University of California Berkeley
摘要：This paper investigates a new class of two-player games in continuous time, in which the players' observations of each other's actions are distorted by Brownian motions. These games are analogous to repeated games with imperfect monitoring in which the players take actions frequently. Using a differential equation, we find the set epsilon(r) of payoff pairs achievable by all public perfect equilibria of the continuous-time game, where r is the discount rate. The same differential equation allo...
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作者：Vytlacil, Edward; Yildiz, Nese
摘要：In this paper, we consider the nonparametric identification and estimation of the average effect of a dummy endogenous regressor in models where the regressors are weakly but not additively separable from the error term. The model is not required to be strictly increasing in the error term, and the class of models considered includes limited dependent variable models such as discrete choice models. Conditions are established conditions under which it is possible to identify the average effect ...
