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作者：Chatterjee, Satyajit; Ionescu, Felicia
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Colgate University
摘要：Participants in student loan programs must repay loans in full regardless of whether they complete college. But many students who take out a loan do not earn a degree (the dropout rate among college students is between 33 and 50 percent). We examine whether insurance, in the form of loan forgiveness in the event of failure to complete college, can be offered, taking into account moral hazard and adverse selection. To do so, we develop a model that accounts for college enrollment and graduation...
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作者：Blundell, Richard; Horowitz, Joel L.; Parey, Matthias
作者单位：University of London; University College London; Northwestern University; University of Essex
摘要：This paper develops a new method for estimating a demand function and the welfare consequences of price changes. The method is applied to gasoline demand in the United States and is applicable to other goods. The method uses shape restrictions derived from economic theory to improve the precision of a nonparametric estimate of the demand function. Using data from the U. S. National Household Travel Survey, we show that the restrictions are consistent with the data on gasoline demand and remove...
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作者：Kaplan, Greg
作者单位：University of Pennsylvania
摘要：I structurally estimate an incomplete markets life-cycle model with endogenous labor supply using data on the joint distribution of wages, hours, and consumption. The model is successful at matching the evolution of both the first and second moments of the data over the life cycle. The key challenge for the model is to generate declining inequality in annual hours worked over the first half of the working life, while respecting the constraints imposed by the data on consumption and wages. I ar...
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作者：Balleer, Almut
作者单位：RWTH Aachen University; Stockholm University
摘要：Can the standard search-and-matching labor market model replicate the business cycle fluctuations of the job finding rate and the unemployment rate? In the model, these fluctuations are driven by movements in productivity. This paper investigates the sources of productivity fluctuations that are commonly interpreted as technology shocks. I estimate different types of technology shocks from structural vector autoregressions and reassess the empirical performance of the standard model based on s...
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作者：Doraszelski, Ulrich; Judd, Kenneth L.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Discrete-time stochastic games with a finite number of states have been widely applied to study the strategic interactions among forward-looking players in dynamic environments. These games suffer from a curse of dimensionality when the cost of computing players' expectations over all possible future states increases exponentially in the number of state variables. We explore the alternative of continuous-time stochastic games with a finite number of states and argue that continuous time may ha...
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作者：Qu, Zhongjun; Tkachenko, Denis
作者单位：Boston University
摘要：This paper considers issues related to identification, inference, and computation in linearized dynamic stochastic general equilibrium (DSGE) models. We first provide a necessary and sufficient condition for the local identification of the structural parameters based on the (first and) second order properties of the process. The condition allows for arbitrary relations between the number of observed endogenous variables and structural shocks, and is simple to verify. The extensions, including ...
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作者：Alan, Sule
作者单位：University of Cambridge; University of Cambridge; Koc University
摘要：It has been argued that rare economic disasters can explain most asset pricing puzzles. If this is the case, perceived risk associated with a disaster in stock markets should be revealed in household portfolios. That is, the framework that solves these pricing puzzles should also generate quantities that are consistent with the observed ones. This paper estimates the perceived risk of disasters (both probability and expected size) that is consistent with observed portfolios and consumption gro...
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作者：Arcidiacono, Peter; Foster, Gigi; Goodpaster, Natalie; Kinsler, Josh
作者单位：Duke University; University of New South Wales Sydney; University of Rochester
摘要：Obtaining consistent estimates of spillovers in an educational context is hampered by at least two issues: selection into peer groups and peer effects emanating from unobservable characteristics. We develop an algorithm for estimating spillovers using panel data that addresses both of these problems. The key innovation is to allow the spillover to operate through the fixed effects of a student's peers. The only data requirements are multiple outcomes per student and heterogeneity in the peer g...
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作者：Hryshko, Dmytro
作者单位：University of Alberta
摘要：Idiosyncratic labor incomes are typically modeled either by stochastic processes with heterogeneous income profiles (HIPs) or restricted income profiles (RIPs). The HIP assumes that individual labor income grows deterministically at an unobserved rate and contains a persistent but stationary component, while the RIP assumes that income contains a random walk, a stationary component, and no unobserved deterministic growth-rate component. I show that if idiosyncratic labor income contains a pers...
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作者：Hausman, Jerry A.; Newey, Whitney K.; Woutersen, Tiemen; Chao, John C.; Swanson, Norman R.
作者单位：Massachusetts Institute of Technology (MIT); University of Arizona; University System of Maryland; University of Maryland College Park; Rutgers University System; Rutgers University New Brunswick
摘要：This paper gives a relatively simple, well behaved solution to the problem of many instruments in heteroskedastic data. Such settings are common in microeconometric applications where many instruments are used to improve efficiency and allowance for heteroskedasticity is generally important. The solution is a Fuller (1977) like estimator and standard errors that are robust to heteroskedasticity and many instruments. We show that the estimator has finite moments and high asymptotic efficiency i...
