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作者：D'Haultfoeuille, Xavier; Rathelot, Roland
作者单位：Institut Polytechnique de Paris; ENSAE Paris; University of Warwick
摘要：We consider the issue of measuring segregation in a population of small units, considering establishments in our application. Each establishment may have a different probability of hiring an individual from the minority group. We define segregation indices as inequality indices on these unobserved, random probabilities. Because these probabilities are measured with error by proportions, standard estimators are inconsistent. We model this problem as a nonparametric binomial mixture. Under this ...
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作者：Judd, Kenneth L.; Maliar, Lilia; Maliar, Serguei; Tsener, Inna
作者单位：Stanford University; Stanford University; Santa Clara University; Universitat de les Illes Balears
摘要：We introduce a computational techniqueprecomputation of integralsthat makes it possible to construct conditional expectation functions in dynamic stochastic models in the initial stage of a solution procedure. This technique is very general: it works for a broad class of approximating functions, including piecewise polynomials; it can be applied to both Bellman and Euler equations; and it is compatible with both continuous-state and discrete-state shocks. In the case of normally distributed sh...
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作者：Bajari, Patrick; Hong, Han; Park, Minjung; Town, Robert
作者单位：University of Washington; University of Washington Seattle; National Bureau of Economic Research; Stanford University; University of California System; University of California Berkeley; University of Texas System; University of Texas Austin
摘要：This paper proposes a method to estimate price sensitivity of economic agents exploiting discontinuity in nonlinear contracts. As an application, we study contracts between a managed care organization and hospitals for organ transplants. Exploiting donut holes in the reimbursement contracts, we show that the impact of the reimbursement rate on hospitals' provision of health care services varies significantly across patients with different levels of illness severity. Our methodology is applicab...
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作者：McGrattan, Ellen R.; Prescott, Edward C.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Arizona State University; Arizona State University-Tempe
摘要：A problem that faces many countries including the United States is how to finance retirement consumption as the population ages. Proposals for switching to a saving-for-retirement system that does not rely on high payroll taxes have been challenged on the grounds that welfare would fall for some groups such as retirees or the working poor. We show how to devise a transition path from the current U.S. system to a saving-for-retirement system that increases the welfare of all current and future ...
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作者：Vespa, Emanuel; Wilson, Alistair J.
作者单位：University of California System; University of California Santa Barbara; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We implement multi-sender cheap talk in the laboratory. While full-information transmission is not theoretically feasible in the standard one-sender-one- dimension model, in this setting with more senders and dimensions, full revelation is generically a robust equilibrium outcome. Our experimental results indicate that fully revealing outcomes are selected in particular settings, but that partial-information transmission is the norm. We uncover a number of behavioral patterns: On the one hand,...
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作者：Gary-Bobo, Robert J.; Gousse, Marion; Robin, Jean-Marc
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Laval University; Institut d'Etudes Politiques Paris (Sciences Po); University of London; University College London
摘要：We study the treatment effect of grade retention using a panel of French junior high-school students, taking unobserved heterogeneity and the endogeneity of grade repetitions into account. We specify a multistage model of human-capital accumulation with a finite number of types representing unobserved individual characteristics. Class-size and latent student-performance indices are assumed to follow finite mixtures of normal distributions. Grade retention may increase or decrease the student's...
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作者：Liu, Kai
作者单位：University of Cambridge; Norwegian School of Economics (NHH)
摘要：I address the causes of the gender wage gap with a new dynamic model of wage, hours, and job changes that permits me to decompose the gap into a portion due to gender differences in preferences for hours of work and in constraints. The dynamic model allows the differences in constraints to reflect possible gender differences in job arrival rates, job destruction rates, the mean and variance of the wage offer distribution, and the wage cost of part-time work. The model is estimated using the 19...
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作者：Papageorge, Nicholas W.
作者单位：Johns Hopkins University
摘要：I develop a dynamic framework to assess the value of pharmaceutical innovation, taking explicit account of how side effects and the labor market affect the demand for medical treatment. In the framework, forward-looking patients do not simply maximize underlying health or longevity. Rather, they choose labor supply and medicine in light of potential side effects in an effort to jointly manage two forms of human capital: their health and their work experience. I use the framework to examine the...
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作者：Hedlund, Aaron
作者单位：University of Missouri System; University of Missouri Columbia
摘要：This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, search-theoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals that arise from the interaction of search frictions and endogenous credit constraints. During housing busts, longer selling times spill over into higher foreclosure risk, thereby magnifying the response of ...
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作者：Kliem, Martin; Uhlig, Harald
作者单位：Deutsche Bundesbank; University of Chicago
摘要：This paper presents a novel Bayesian method for estimating dynamic stochastic general equilibrium (DSGE) models subject to a constrained posterior distribution for the implied Sharpe ratio. We apply our methodology to a DSGE model with habit formation in consumption and leisure, and show that the constrained estimation produces both reasonable asset-pricing and business-cycle implications. Next, we estimate the Smets-Wouters model subject to the same Sharpe ratio constraint. The results move t...
