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作者：Amior, Michael; Halket, Jonathan
作者单位：University of London; London School Economics & Political Science; University of Essex; University of London; London School Economics & Political Science
摘要：Are households more likely to be homeowners when housing risk is higher? We show that home-ownership rates and loan-to-value (LTV) ratios at the city level are strongly negatively correlated with local house price volatility. However, causal inference is confounded by house price levels, which are systematically correlated with housing risk in an intuitive way: in cities where the land value is larger relative to the local cost of structures, house prices are higher and more volatile. We disen...
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作者：Manski, Charles F.
作者单位：Northwestern University; Northwestern University
摘要：The merits of alternative income tax policies depend on the population distribution of preferences for income and leisure. Standard theory, which supposes that persons want more income and more leisure, does not predict how they resolve the tension between these desires. Empirical studies of labor supply have imposed strong preference assumptions that lack foundation. This paper examines anew the problem of inference on income-leisure preferences and considers the implications for evaluation o...
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作者：Barczyk, Daniel; Kredler, Matthias
作者单位：McGill University; Universite de Montreal
摘要：How do families behave dynamically? We provide a framework for studying economic problems in which family behavior is essential. Our key innovation is the inclusion of imperfectly altruistic agents in an otherwise standard consumption-savings problem with exogenous income risk. This gives rise to altruistic transfers and strategic behavior in the consumption-savings decision. We study the Markov-perfect equilibrium that arises from the limit of equilibria in a sequence of finite games. The equ...
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作者：Kaufmann, Katja Maria
作者单位：Bocconi University; Bocconi University
摘要：Differences in college enrollment between poor and rich are striking in Latin America. Explanations such as differences in college preparedness and credit constraints have been advanced. An alternative explanation could be differences in information sets between poor and rich, for example, about career opportunities, translating into different expected returns to college. Poor people might expect low returns and thus decide not to attend or they might face high (unobserved) costs that prevent ...
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作者：Ejrnaes, Mette; Browning, Martin
作者单位：University of Copenhagen; University of Oxford
摘要：We consider the decomposition of shocks to a dynamic process into a persistent and a transitory component. Without additional assumptions (such as zero correlation) the decomposition of shocks into a persistent and transitory component is indeterminate. The assumption that is conventional in the earnings literature is that there is no correlation. The Beveridge-Nelson decomposition that is widely used in time series analysis assumes a perfect correlation. Without restrictions on the correlatio...
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作者：Henry, Marc; Kitamura, Yuichi; Salanie, Bernard
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Yale University; Columbia University
摘要：We consider partial identification of finite mixture models in the presence of an observable source of variation in the mixture weights that leaves component distributions unchanged, as is the case in large classes of econometric models. We first show that when the number J of component distributions is known a priori, the family of mixture models compatible with the data is a subset of a J(J-1)-dimensional space. When the outcome variable is continuous, this subset is defined by linear constr...
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作者：Blundell, Richard; Matzkin, Rosa L.
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of California System; University of California Los Angeles
摘要：The control function approach (Heckman and Robb (1985)) in a system of linear simultaneous equations provides a convenient procedure to estimate one of the functions in the system using reduced form residuals from the other functions as additional regressors. The conditions on the structural system under which this procedure can be used in nonlinear and nonparametric simultaneous equations has thus far been unknown. In this paper, we define a new property of functions called control function s...
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作者：Gill, David; Prowse, Victoria
作者单位：University of Oxford; Cornell University
摘要：In a real effort experiment with repeated competition we find striking differences in how the work effort of men and women responds to previous wins and losses. For women, losing per se is detrimental to productivity, but for men, a loss impacts negatively on productivity only when the prize at stake is big enough. Responses to luck are more persistent and explain more of the variation in behavior for women, and account for about half of the gender performance gap in our experiment. Our findin...
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作者：Helmers, Christian; Patnam, Manasa
作者单位：Santa Clara University
摘要：This paper identifies the effect of neighborhood peer groups on childhood skill acquisition using observational data. We incorporate spatial peer interaction, defined as a child's nearest geographical neighbors, into a production function of child cognitive development in Andhra Pradesh, India. Our peer group definition takes the form of networks, whose structure allows us to identify endogenous peer effects and contextual effects separately. We exploit variation over time to avoid confounding...
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作者：Albanesi, Stefania; Olivetti, Claudia
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Center for Economic & Policy Research (CEPR); Boston University; National Bureau of Economic Research
摘要：Fertility in the United States rose from a low of 2.27 children for women born in 1908 to a peak of 3.21 children for women born in 1932. It dropped to a new low of 1.74 children for women born in 1949, before stabilizing for subsequent cohorts. We propose a novel explanation for this boom-bust pattern, linking it to the huge improvements in maternal health that started in the mid-1930s. Our hypothesis is that the improvements in maternal health contributed to the mid-twentieth century baby bo...
