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作者：Mehra, Rajnish; Piguillem, Facundo; Prescott, Edward C.
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：The neoclassical growth model is extended to include costly intermediated borrowing and lending between households. This is an important extension as substantial resources are used to intermediate the large amount of borrowing and lending between households. In 2007, in the United States, the amount intermediated was 1.7 times gross national product (GNP), and the resources used in this intermediation amounted to at least 3.4 percent of GNP. The theory implies that financial intermediation ser...
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作者：Bhattacharya, Debopam; Mazumder, Bhashkar
作者单位：University of Oxford; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Lower intergenerational income mobility for blacks is a likely cause behind the persistent interracial gap in economic status in the United States. However, few studies have analyzed black-white differences in intergenerational income mobility and the factors that determine these differences. This is largely due to the absence of appropriate methodological tools. We develop nonparametric methods to estimate the effects of covariates on two measures of mobility. We first consider the traditiona...
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作者：Kilian, Lutz; Vigfusson, Robert J.
作者单位：University of Michigan System; University of Michigan
摘要：How much does real gross domestic product (GDP) respond to unanticipated changes in the real price of oil? Commonly used censored oil price vector autoregressive models suggest a substantial decline in real GDP in response to unexpected increases in the real price of oil, yet no response to unexpected declines. We show that these estimates are invalid. Based on a structural model that encompasses both symmetric and asymmetric models as special cases, correctly computed impulse responses are of...
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作者：Chernozhukov, Victor; Rigobon, Roberto; Stoker, Thomas M.
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We give semiparametric identification and estimation results for econometric models with a regressor that is endogenous, bound censored, and selected; it is called a Tobin regressor. First, we show that the true parameter value is set-identified and characterize the identification sets. Second, we propose novel estimation and inference methods for this true value. These estimation and inference methods are of independent interest and apply to any problem possessing the sensitivity structure, w...
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作者：Krusell, Per; Mukoyama, Toshihiko; Rogerson, Richard; Sahin, Ayseguel
作者单位：National Bureau of Economic Research; University of Virginia; Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Commonly used frictional models of the labor market imply that changes in frictions have large effects on steady state employment and unemployment. We use a model that features both frictions and an operative labor supply margin to examine the robustness of this feature to the inclusion of an empirically reasonable labor supply channel. The response of unemployment to changes in frictions is similar in both models, but the labor supply response present in our model greatly attenuates the effec...
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作者：Stoye, Joerg
作者单位：Cornell University
摘要：This paper analyzes partial identification of parameters that measure a distribution's spread, for example, the variance, Gini coefficient, entropy, or interquartile range. The core results are tight, two-dimensional identification regions for the expectation and variance, the median and interquartile ratio, and many other combinations of parameters. They are developed for numerous identification settings, including but not limited to cases where one can bound either the relevant cumulative di...
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作者：Hong, Han; Nekipelov, Denis
作者单位：Stanford University; University of California System; University of California Berkeley
摘要：In this paper we study semiparametric efficiency for the estimation of a finite-dimensional parameter defined by generalized moment conditions under the local instrumental variable assumptions. These parameters identify treatment effects on the set of compliers under the monotonicity assumption. The distributions of covariates, the treatment dummy, and the binary instrument are not specified in a parametric form, making the model semiparametric. We derive the semiparametric efficiency bounds f...
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作者：Bravo, David; Mukhopadhyay, Sankar; Todd, Petra E.
作者单位：Universidad de Chile; Nevada System of Higher Education (NSHE); University of Nevada Reno; University of Pennsylvania
摘要：This paper studies the effects of school reform in Chile, which adopted a nationwide school voucher program along with school decentralization reforms in 1981. Since then, Chile has had a relatively unregulated, competitive market in primary and secondary education. It therefore provides a unique setting in which to study how these reforms affected school attainment and labor market outcomes. This paper develops and estimates a dynamic model of school attendance and work decisions using panel ...
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作者：Fox, Jeremy T.
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：I study a many-to-many, two-sided, transferable utility matching game. Consider data on matches or relationships between agents but not on the choice set of each agent. I investigate what economic parameters can be learned from data on equilibrium matches and agent characteristics. Features of a production function, which gives the surplus from a match, are nonparametrically identified. In particular, the ratios of complementarities from multiple pairs of inputs are identified. Also, the produ...
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作者：Heckman, James; Moon, Seong Hyeok; Pinto, Rodrigo; Savelyev, Peter; Yavitz, Adam
作者单位：University of Chicago; University College Dublin; Yale University
摘要：Social experiments are powerful sources of information about the effectiveness of interventions. In practice, initial randomization plans are almost always compromised. Multiple hypotheses are frequently tested. Significant effects are often reported with p-values that do not account for preliminary screening from a large candidate pool of possible effects. This paper develops tools for analyzing data from experiments as they are actually implemented. We apply these tools to analyze the influe...
