-
作者：Halvorsen, Elin; Ozkan, Serdar; Salgado, Sergio
作者单位：Statistics Norway; University of Toronto; University of Pennsylvania
摘要：Using administrative data, we provide an extensive characterization of labor earnings dynamics in Norway. Some of our findings are as follows: (i) Norway has not been immune to the increase in top earnings inequality seen in other countries, (ii) the earnings distribution compresses in the bottom 90% over the life cycle but expands in the top 10%, and (iii) the earnings growth distribution is left-skewed and leptokurtic, and the extent of these nonnormalities varies with age and past income.Li...
-
作者：Puggioni, Daniela; Calderon, Mariana; Cebreros Zurita, Alfonso; Fernandez Bujanda, Leon; Gonzalez, Jose Antonio Inguanzo; Jaume, David
作者单位：Bank of Mexico; University of California System; University of California Los Angeles; Bank of Mexico
摘要：We characterize the salient features of the distribution of (log) earnings of formal workers in Mexico using social security records for the period 2005-2019. The analysis is based on a nonparametric approach and is focused primarily on the properties of the distribution of earnings changes. We find strong evidence of deviations from normality of this distribution in terms of negative skewness and high kurtosis, with these deviations varying with income and along the worker's life cycle. A com...
-
作者：Kramarz, Francis; Nimier-David, Elio; Delemotte, Thomas
作者单位：Institut Polytechnique de Paris; ENSAE Paris
摘要：This paper provides new stylized facts about labor earnings inequality and dynamics in France for the period 1991-2016. Using linked employer-employee data, we show that (i) labor inequality in France is low compared to other developed countries and has been decreasing until the financial crisis of 2009 and increasing since then, (ii) women experienced high earnings growth, in particular at the bottom of the distribution, in contrast to the stability observed for men. Both result from a decrea...
-
作者：Andreasen, Martin M.; Kronborg, Anders F.
作者单位：Aarhus University; CREATES; Danish Finance Institute
摘要：We introduce the extended perturbation method, which improves the accuracy of standard perturbation by reducing approximation errors under certainty equivalence. For the New Keynesian model with Calvo pricing, extended perturbation is more accurate than standard perturbation, which implies explosive dynamics because it omits the upper bound on inflation implied by this model. In contrast, extended perturbation enforces this bound and generates stable dynamics. We also show that extended pertur...
-
作者：Horvath, Peter; Li, Jia; Liao, Zhipeng; Patton, Andrew J.
作者单位：Duke University; University of California System; University of California Los Angeles
摘要：Correct specification of a conditional quantile model implies that a particular conditional moment is equal to zero. We nonparametrically estimate the conditional moment function via series regression and test whether it is identically zero using uniform functional inference. Our approach is theoretically justified via a strong Gaussian approximation for statistics of growing dimensions in a general time series setting. We propose a novel bootstrap method in this nonstandard context and show t...
-
作者：Leroux, Anke D.; Martin, Vance L.; St John, Kathryn A.
作者单位：Monash University; University of Melbourne
摘要：A multivariate GARCH model of natural resources is specified to capture the effects of time varying portfolio risk. A special feature of the model is the inclusion of realized volatility for natural resource assets that are available at multiple frequencies as well as being sensitive to sudden changes in climatic conditions. Natural resource portfolios under climate change are simulated from bootstrapping schemes as well as being derived from global climate model projections. Both approaches a...
-
作者：Hoffmann, Eran B.; Malacrino, Davide; Pistaferri, Luigi
作者单位：Hebrew University of Jerusalem; International Monetary Fund; Stanford University
摘要：This paper summarizes statistics on the key aspects of the distribution of earnings levels and earnings changes using administrative (social security) data from Italy between 1985 and 2016. During the time covered by our data, earnings inequality and earnings volatility increased, while earnings mobility did not change significantly. We connect these trends with some salient facts about the Italian labor market, in particular the labor market reforms of the 1990s and 2000s, which induced a sub...
-
作者：Fu, Chao; Grau, Nicolas; Rivera, Jorge
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Universidad de Chile
摘要：We build and estimate a dynamic model of teenagers' choices of schooling and crime, incorporating four factors that may contribute to the different paths taken by different teenagers: heterogeneous endowments, unequal opportunities, uncertainties about one's own ability, and contemporaneous shocks. We estimate the model using administrative panel data from Chile that link school records with juvenile criminal records. Counterfactual policy experiments suggest that, for teenagers with disadvant...
-
作者：Giacomini, Raffaella; Kitagawa, Toru; Volpicella, Alessio
作者单位：University of London; University College London; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Kyoto University; University of Surrey
摘要：Uncertainty about the choice of identifying assumptions is common in causal studies, but is often ignored in empirical practice. This paper considers uncertainty over models that impose different identifying assumptions, which can lead to a mix of point- and set-identified models. We propose performing inference in the presence of such uncertainty by generalizing Bayesian model averaging. The method considers multiple posteriors for the set-identified models and combines them with a single pos...
-
作者：Qiu, Chen; Otsu, Taisuke
作者单位：Cornell University; University of London; London School Economics & Political Science
摘要：This paper is concerned with estimation of functionals of a latent weight function that satisfies possibly high-dimensional multiplicative moment conditions. Main examples are functionals of stochastic discount factors in asset pricing, missing data problems, and treatment effects. We propose to estimate the latent weight function by an information theoretic approach combined with the l(1)-penalization technique to deal with high-dimensional moment conditions under sparsity. We study asymptoti...
