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作者：Yoon, Jungmo; Galvao, Antonio F.
作者单位：Hanyang University; University of Arizona
摘要：This study develops cluster robust inference methods for panel quantile regression (QR) models with individual fixed effects, allowing for temporal correlation within each individual. The conventional QR standard errors can seriously underestimate the uncertainty of estimators and, therefore, overestimate the significance of effects, when outcomes are serially correlated. Thus, we propose a clustered covariance matrix (CCM) estimator to solve this problem. The CCM estimator is an extension of ...
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作者：Choi, Sekyu; Valladares-Esteban, Arnau
作者单位：University of Bristol; University of St Gallen
摘要：We study unemployment insurance in a framework where the main source of heterogeneity among agents is the type of household they live in: some agents live alone while others live with their spouses as a family. Our exercise is motivated by the fact that married individuals can rely on spousal income to smooth labor market shocks, while singles cannot. We extend a version of the standard incomplete-markets model to include two-agent households and calibrate it to the US economy with special emp...
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作者：Gerard, Francois; Rokkanen, Miikka; Rothe, Christoph
作者单位：University of London; Queen Mary University London; Amazon.com; University of Mannheim
摘要：The key assumption in regression discontinuity analysis is that the distribution of potential outcomes varies smoothly with the running variable around the cutoff. In many empirical contexts, however, this assumption is not credible; and the running variable is said to be manipulated in this case. In this paper, we show that while causal effects are not point identified under manipulation, one can derive sharp bounds under a general model that covers a wide range of empirical patterns. The ext...
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作者：Sieg, Holger; Yoon, Chamna
作者单位：University of Pennsylvania; Korea Advanced Institute of Science & Technology (KAIST)
摘要：We develop a new dynamic equilibrium model with heterogeneous households that captures the most important frictions that arise in housing rental markets and explains the political popularity of affordable housing policies. We estimate the model using data collected by the New York Housing Vacancy Survey in 2011. We find that there are significant adjustment costs in all markets as well as serious search frictions in the market for affordable housing. Moreover, there are large queuing frictions...
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作者：Boehm, Michael J.
作者单位：University of Bonn; IZA Institute Labor Economics
摘要：This paper proposes a new approach to estimate task prices per efficiency unit of skill in the Roy model. I show how the sorting of workers into tasks and their associated wage growth can be used to identify changes in task prices under relatively weak assumptions. The estimation exploits the fact that the returns to observable talents will change differentially over time depending on the changes in prices of those tasks that they predict workers to sort into. In the generalized Roy model, als...
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作者：Drautzburg, Thorsten
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Structural DSGE models are used for analyzing both policy and the sources of business cycles. Conclusions based on full structural models are, however, potentially affected by misspecification. A competing method is to use partially identified SVARs based on narrative shocks. This paper asks whether both approaches agree. Specifically, I use narrative data in a DSGE-SVAR that partially identify policy shocks in the VAR and assess the fit of the DSGE model relative to this narrative benchmark. ...
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作者：Masten, Matthew A.; Poirier, Alexandre
作者单位：Duke University; Georgetown University
摘要：Given a set of baseline assumptions, a breakdown frontier is the boundary between the set of assumptions which lead to a specific conclusion and those which do not. In a potential outcomes model with a binary treatment, we consider two conclusions: First, that ATE is at least a specific value (e.g., nonnegative) and second that the proportion of units who benefit from treatment is at least a specific value (e.g., at least 50%). For these conclusions, we derive the breakdown frontier for two ki...
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作者：Hu, Yingyao; Moffitt, Robert; Sasaki, Yuya
作者单位：Johns Hopkins University; Vanderbilt University
摘要：This paper presents identification and estimation results for a flexible state space model. Our modification of the canonical model allows the permanent component to follow a unit root process and the transitory component to follow a semiparametric model of a higher-order autoregressive-moving-average (ARMA) process. Using panel data of observed earnings, we establish identification of the nonparametric joint distributions for each of the permanent and transitory components over time. We apply...
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作者：Cheng, Xu; Liao, Zhipeng; Shi, Ruoyao
作者单位：University of Pennsylvania; University of California System; University of California Los Angeles; University of California System; University of California Riverside
摘要：This paper studies the averaging GMM estimator that combines a conservative GMM estimator based on valid moment conditions and an aggressive GMM estimator based on both valid and possibly misspecified moment conditions, where the weight is the sample analog of an infeasible optimal weight. We establish asymptotic theory on uniform approximation of the upper and lower bounds of the finite-sample truncated risk difference between any two estimators, which is used to compare the averaging GMM est...
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作者：Bray, Robert L.
作者单位：Northwestern University
摘要：Morton and Wecker (1977) stated that the value iteration algorithm solves a dynamic program's policy function faster than its value function when the limiting Markov chain is ergodic. I show that their proof is incomplete, and provide a new proof of this classic result. I use this result to accelerate the estimation of Markov decision processes and the solution of Markov perfect equilibria.
