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作者：Wellschmied, Felix
作者单位：Universidad Carlos III de Madrid
摘要：This paper studies the savings and employment effects of the asset means-test in US income support programs using a structural life-cycle model with productivity, disability, and unemployment risk. An asset means-test incentivizes low-income households to hold few financial assets making them vulnerable to predictable and unpredictable income changes. Moreover, it incentivizes relatively productive households that happen to have few financial assets to leave the labor force. However, it allows...
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作者：Bradley, Jake; Gottfries, Axel
作者单位：University of Nottingham; IZA Institute Labor Economics; University of Edinburgh
摘要：We set up a model with on-the-job search in which firms infrequently post vacancies for which workers occasionally apply. The model nests the standard job ladder and stock-flow models as special cases, while remaining analytically tractable and easy to estimate from standard panel data sets. The parameters from a structurally estimated model on US data are significantly different from either the restrictions imposed by a stock-flow or job ladder model. Imposing these restrictions significantly...
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作者：Inoue, Atsushi; Rossi, Barbara
作者单位：Vanderbilt University; Barcelona School of Economics; Pompeu Fabra University; ICREA; Centre de Recerca en Economia Internacional (CREI)
摘要：We propose a new approach to analyze economic shocks. Our new procedure identifies economic shocks as exogenous shifts in a function; hence, we call them functional shocks. We show how to identify such shocks and how to trace their effects in the economy via VARs using VARs with functional shocks and functional local projections. Using our new procedure, we address the crucial question of studying the effects of monetary policy by identifying monetary policy shocks as shifts in the whole term ...
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作者：Ai, Chunrong; Linton, Oliver; Motegi, Kaiji; Zhang, Zheng
作者单位：The Chinese University of Hong Kong, Shenzhen; University of Cambridge; Kobe University; Renmin University of China
摘要：This paper presents a weighted optimization framework that unifies the binary, multivalued, and continuous treatment-as well as mixture of discrete and continuous treatment-under a unconfounded treatment assignment. With a general loss function, the framework includes the average, quantile, and asymmetric least squares causal effect of treatment as special cases. For this general framework, we first derive the semiparametric efficiency bound for the causal effect of treatment, extending the ex...
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作者：Fiorentini, Gabriele; Sentana, Enrique
作者单位：University of Florence
摘要：We propose generalized DWH specification tests which simultaneously compare three or more likelihood-based estimators in multivariate conditionally heteroskedastic dynamic regression models. Our tests are useful for Garch models and in many empirically relevant macro and finance applications involving Vars and multivariate regressions. We determine the rank of the differences between the estimators' asymptotic covariance matrices under correct specification, and take into account that some par...
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作者：Tincani, Michela M.
作者单位：University of London; University College London
摘要：I use administrative and survey data from Chile and a structural model to evaluate teacher policies in a market-based school system. The model accommodates equilibrium effects on parental sorting across school sectors (public or private), on the self-selection of individuals into teaching and across school sectors, and on teacher wages in private schools. I use the estimated model to simulate a reform that is planned to be implemented in Chile in 2023. Tying public school teacher wages to teac...
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作者：Dolado, Juan J.; Lale, Etienne; Siassi, Nawid
作者单位：Universidad Carlos III de Madrid; University of Quebec; University of Quebec Montreal; Technische Universitat Wien
摘要：Three features of real-life reforms of dual employment protection legislation (EPL) systems are particularly hard to study through the lens of standard labor-market search models: (i) the excess job turnover implied by dual EPL, (ii) the nonretroactive nature of EPL reforms, and (iii) the transition dynamics from dual to a unified EPL system. In this paper, we develop a computationally tractable model addressing these issues. Our main finding is that the welfare gains of reforming a dual EPL s...
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作者：Davis, Morris A.; Gregory, Jesse; Hartley, Daniel A.; Tan, Kegon T. K.
作者单位：Rutgers University System; Rutgers University New Brunswick; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Rochester
摘要：Researchers and policy makers have explored the possibility of restricting the use of housing vouchers to neighborhoods that may positively affect the outcomes of children. Using the framework of a dynamic model of optimal location choice, we estimate preferences over neighborhoods of likely recipients of housing vouchers in Los Angeles. We combine simulations of the model with estimates of how locations affect adult earnings of children to understand how a voucher policy that restricts neighb...
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作者：Ferman, Bruno; Pinto, Cristine
作者单位：Getulio Vargas Foundation
摘要：We analyze the properties of the Synthetic Control (SC) and related estimators when the pre-treatment fit is imperfect. In this framework, we show that these estimators are generally biased if treatment assignment is correlated with unobserved confounders, even when the number of pre-treatment periods goes to infinity. Still, we show that a demeaned version of the SC method can improve in terms of bias and variance relative to the difference-in-difference estimator. We also derive a specificat...
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作者：Cherchye, Laurens; De Rock, Bram; Vermeulen, Frederic; Walther, Selma
作者单位：KU Leuven; Universite Libre de Bruxelles; University of Sussex
摘要：Do individuals marry and divorce for economic reasons? Can we measure the economic attractiveness of a person's marriage market? We answer these questions using a structural model of consumer-producer households that is applied to rich data from Malawi. Using revealed preference conditions for a stable marriage market, we define the economic attractiveness of a potential match as the difference between the potential value of consumption and leisure with the new partner and the value of consump...
