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作者：Hoesch, Lukas; Lee, Adam; Mesters, Geert
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute; BI Norwegian Business School; Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI)
摘要：All parameters in structural vector autoregressive (SVAR) models are locally identified when the structural shocks are independent and follow non-Gaussian distributions. Unfortunately, standard inference methods that exploit such features of the data for identification fail to yield correct coverage for structural functions of the model parameters when deviations from Gaussianity are small. To this extent, we propose a locally robust semiparametric approach to conduct hypothesis tests and cons...
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作者：Benhabib, Jess; Cui, Wei; Miao, Jianjun
作者单位：New York University; University of London; University College London; University of Groningen; Boston University
摘要：Compared to the distributions of earnings, the distributions of wealth in the US and many other countries are strikingly concentrated on the top and skewed to the right. To explain the income and wealth inequality, we provide a tractable heterogeneous-agent model with incomplete markets in continuous time. We separate illiquid capital assets from liquid bond assets and introduce jump risks to capital income, which are crucial for generating a thicker tail of the wealth distribution than that o...
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作者：Fan, Yanqin; Jiang, Shuo; Shi, Xuetao
作者单位：University of Washington; University of Washington Seattle; Xiamen University; University of Sydney
摘要：Building on the sequential identification result of Aguirregabiria and Mira (2019), this paper develops estimation and inference procedures for static games of incomplete information with payoff-relevant unobserved heterogeneity and multiple equilibria. With payoff-relevant unobserved heterogeneity, sequential estimation and inference face two main challenges: the matching-types problem and a large number of matchings. We tackle the matching-types problem by constructing a new minimum-distance...
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作者：Egger, Peter H.; Erhardt, Katharina
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Heinrich Heine University Dusseldorf
摘要：Structural quantitative work in international economics typically models trade costs as a log-linear function of exogenous trade-policy variables. We propose a structural approach that allows for a nonparametric relationship and for treating tariff and nontariff trade-policy variables as potentially endogenous. The data reject the assumption of log-linearity of trade costs in both tariff- and nontariff-policy variables. We assess the effects of a unilateral increase of US tariffs on Chinese im...
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作者：Wang, Tong; Zhou, Congyi
作者单位：Ritsumeikan University; New York University
摘要：We study a mechanism that gives students the option of paying higher tuition to attend their preferred schools. This seat-purchasing mechanism is neither strategyproof nor stable. Our paper combines administrative and survey data to estimate students' preferences and conducts welfare analysis. We find that changing from a deferred acceptance mechanism to the cadet-optimal stable mechanism reduces students' welfare but that adopting the observed seat-purchasing mechanism alleviates this welfare...
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作者：Li, Lixiong; Kedagni, Desire; Mourifie, Ismael
作者单位：Johns Hopkins University; University of North Carolina; University of North Carolina Chapel Hill; University of Toronto; Washington University (WUSTL); National Bureau of Economic Research
摘要：In many set-identified models, it is difficult to obtain a tractable characterization of the identified set. Therefore, researchers often rely on nonsharp identification conditions, and empirical results are often based on an outer set of the identified set. This practice is often viewed as conservative yet valid because an outer set is always a superset of the identified set. However, this paper shows that when the model is refuted by the data, two sets of nonsharp identification conditions d...
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作者：Kocherlakota, Narayana R.
作者单位：University of Rochester; National Bureau of Economic Research
摘要：This paper reconsiders the question of testing for the presence of Pareto suboptimal capital overaccumulation in overlapping generations economies. The paper allows generation-specific technology shocks to evolve over time according to a stationary Markov chain, and assumes that an econometrician observes a finite sample of aggregate quantities. In this setting, any statistical test of the null hypothesis of capital overaccumulation with size less than one also has zero power against the alter...
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作者：Pakes, Ariel; Porter, Jack
作者单位：Harvard University; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper proposes a new approach to identification of the semiparametric multinomial choice model with fixed effects. The framework employed is the semiparametric version of the traditional multinomial logit with the fixed-effects model (Chamberlain (1980)). This semiparametric multinomial choice model places no restrictions on either the joint distribution of the random utility disturbances across choices or their within group (or across time) correlations. We show that a novel within-group...
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作者：Kendall, Chad; Oprea, Ryan
作者单位：University of Southern California; University of California System; University of California Los Angeles
摘要：We experimentally study how people form predictive models of simple data generating processes (DGPs), by showing subjects data sets and asking them to predict future outputs. We find that subjects: (i) often fail to predict in this task, indicating a failure to form a model, (ii) often cannot explicitly describe the model they have formed even when successful, and (iii) tend to be attracted to the same, simple models when multiple models fit the data. Examining a number of formal complexity me...
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作者：Chiappori, Pierre-Andre; Ciscato, Edoardo; Guerriero, Carla
作者单位：Columbia University; KU Leuven; University of Naples Federico II
摘要：Social scientists have long been interested in marital homogamy and its relationship with inequality. However, measuring homogamy is not straightforward, particularly when one is interested in assessing marital sorting based on multiple traits. In this paper, we argue that Separate Extreme Value (SEV) models not only generate a matching function with several desirable theoretical properties, but they are also suited for the study of multidimensional sorting. Specifically, we use rich small-sca...
