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作者：Phillips, Peter C. B.; Sul, Donggyu
作者单位：Yale University; University of Auckland; University of York - UK; University of Auckland
摘要：A new panel data model is proposed to represent the behavior of economies in transition, allowing for a wide range of possible time paths and individual heterogeneity. The model has both common and individual specific components, and is formulated as a nonlinear time varying factor model. When applied to a micro panel, the decomposition provides flexibility in idiosyncratic behavior over time and across section, while retaining some commonality across the panel by means of an unknown common gr...
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作者：Chari, V. V.; Kehoe, Patrick J.; McGrattan, Ellen R.
摘要：We propose a simple method to help researchers develop quantitative models of economic fluctuations. The method rests on the insight that many models are equivalent to a prototype growth model with time-varying wedges that resemble productivity, labor and investment taxes, and government consumption. Wedges that correspond to these variables-efficiency, labor, investment, and government consumption wedges-are measured and then fed back into the model so as to assess the fraction of various flu...
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作者：Harrison, Glenn W.; List, John A.; Towe, Charles
作者单位：State University System of Florida; University of Central Florida; University of Chicago; University System of Maryland; University of Maryland College Park
摘要：Does individual behavior in a laboratory setting provide a reliable indicator of behavior in a naturally occurring setting? We consider this general methodological question in the context of eliciting risk attitudes. The controls that are typically employed in laboratory settings, such as the use of abstract lotteries, could lead subjects to employ behavioral rules that differ from the ones they employ in the field. Because it is field behavior that we are interested in understanding, those co...
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作者：Golosov, Mikhail; Jones, Larry E.; Tertilt, Michele
作者单位：Massachusetts Institute of Technology (MIT); University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Stanford University
摘要：In this paper, we generalize the notion of Pareto efficiency to make it applicable to environments with endogenous populations. Two efficiency concepts are proposed: -efficiency and -efficiency. The two concepts differ in how they treat potential agents that are not born. We show that these concepts are closely related to the notion of Pareto efficiency when fertility is exogenous. We prove a version of the first welfare theorem for Barro-Becker type fertility choice models and discuss how thi...
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作者：Blundell, Richard; Chen, Xiaohong; Kristensen, Dennis
作者单位：University of London; University College London; Yale University; Columbia University
摘要：This paper studies a shape-invariant Engel curve system with endogenous total expenditure, in which the shape-invariant specification involves a common shift parameter for each demographic group in a pooled system of nonparametric Engel curves. We focus on the identification and estimation of both the nonparametric shapes of the Engel curves and the parametric specification of the demographic scaling parameters. The identification condition relates to the bounded completeness and the estimatio...
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作者：Blundell, Richard; Gosling, Amanda; Ichimura, Hidehiko; Meghir, Costas
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of Kent; Centre for Economic Policy Research - UK; University of Tokyo; University of Tokyo
摘要：This paper examines changes in the distribution of wages using bounds to allow for the impact of nonrandom selection into work. We show that worst case bounds can be informative. However, because employment rates in the United Kingdom are often low, they are not informative about changes in educational or gender wage differentials. Thus we explore ways to tighten these bounds using restrictions motivated from economic theory. With these assumptions, we find convincing evidence of all increase ...
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作者：Horowitz, Joel L.; Lee, Sokbae
作者单位：Northwestern University; University of London; University College London
摘要：We consider nonparametric estimation of a regression function that is identified by requiring a specified quantile of the regression error conditional on an instrumental variable to be zero. The resulting estimating equation is a nonlinear integral equation of the first kind, which generates an ill-posed inverse problem. The integral operator and distribution of the instrumental variable are unknown and must be estimated nonparametrically. We show that the estimator is mean-square consistent, ...
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作者：Qu, Zhongjun; Perron, Pierre
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Boston University
摘要：This paper considers issues related to estimation, inference, and computation with multiple structural changes that occur at unknown dates in a system of equations. Changes can occur in the regression coefficients and/or the covariance matrix of the errors. We also allow arbitrary restrictions on these parameters, which permits the analysis of partial structural change models, common breaks that occur in all equations, breaks that occur in a subset of equations, and so forth. The method of est...
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作者：Savani, R; von Stengel, B
作者单位：University of London; London School Economics & Political Science
摘要：The Lemke-Howson algorithm is the classical method for finding one Nash equilibrium of a bimatrix game. This paper presents a class of square bimatrix games for which this algorithm takes, even in the best case, an exponential number of steps in the dimension d of the game. Using polytope theory, the games are constructed using pairs of dual cyclic polytopes with 2d suitably labeled facets in d-space. The construction is extended to nonsquare games where, in addition to exponentially long Lemk...
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作者：Bai, Jushan; Ng, Serena
作者单位：New York University; Tsinghua University; University of Michigan System; University of Michigan
摘要：We consider the situation when there is a large number of series, N, each with T observations, and each series has some predictive ability for some variable of interest. A methodology of growing interest is first to estimate common factors from the panel of data by the method of principal components and then to augment an otherwise standard regression with the estimated factors. In this paper, we show that the least squares estimates obtained from these factor-augmented regressions are root T ...
