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作者：Hintermaier, Thomas; Koeniger, Winfried
作者单位：University of Bonn; University of St Gallen; Swiss Finance Institute (SFI)
摘要：This paper quantifies mechanisms through which heterogeneity in household finances affects the transmission of monetary policy, considering housing tenure choices over the life cycle. Our analysis also identifies challenges for monetary policy related to housing busts. It focuses on the four largest economies in the euro area: France, Germany, Italy, and Spain. Through the lens of our model, we find that home ownership and endogenous transitions from renting to owning are key elements for the ...
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作者：Hahn, Jinyong; Hughes, David W.; Kuersteiner, Guido; Newey, Whitney K.
作者单位：University of California System; University of California Los Angeles; Boston College; University System of Maryland; University of Maryland College Park; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Bias correction can often improve the finite sample performance of estimators. We show that the choice of bias correction method has no effect on the higher-order variance of semiparametrically efficient parametric estimators, so long as the estimate of the bias is asymptotically linear. It is also shown that bootstrap, jackknife, and analytical bias estimates are asymptotically linear for estimators with higher-order expansions of a standard form. In particular, we find that for a variety of ...
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作者：Arkhangelsky, Dmitry; Imbens, Guido W.; Lei, Lihua; Luo, Xiaoman
作者单位：Stanford University; Stanford University; University of Cambridge; Stanford University
摘要：We propose a new estimator for average causal effects of a binary treatment with panel data in settings with general treatment patterns. Our approach augments the popular two-way-fixed-effects specification with unit-specific weights that arise from a model for the assignment mechanism. We show how to construct these weights in various settings, including the staggered adoption setting, where units opt into the treatment sequentially but permanently. The resulting estimator converges to an ave...
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作者：Macera, Manuel; Tsujiyama, Hitoshi
作者单位：Universidad Torcuato Di Tella; University of Surrey
摘要：We study how technological change affects between- and within-education-group inequality in the United States. We develop a model with heterogeneous workers and firms in which the demand for skills is characterized by firms' recruiting behavior. We use the model to quantify the relative contribution of two types of technological change that affect the relative demand for skilled labor: technological change in firm-specific productivity and technological change in labor productivity. We find th...
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作者：Dovonon, Prosper; Gospodinov, Nikolay
作者单位：Universite de Montreal; Concordia University - Canada; Universite de Montreal; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：In this paper, we study the asymptotic behavior of specification tests in conditional moment restriction models under first-order local identification failure with dependent data. More specifically, we obtain conditions under which the conventional specification test for conditional moment restrictions retains its standard normal limit when first-order local identification fails but global identification is still attainable. In the process, we derive some novel intermediate results that includ...
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作者：Gonzalez-Jimenez, Victor
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：I show that stochastic contracts generate powerful incentives when agents suffer from probability distortion. When implementing these contracts, the principal can target probability distortions in order to inflate the agent's perceived benefits of exerting high levels of effort. This novel source of motivation is absent in contracts traditionally regarded as optimal. A theoretical framework and an experiment demonstrate that stochastic contracts implemented with small probabilities, which expo...
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作者：Bai, Yuehao; Liu, Jizhou; Tabord-Meehan, Max
作者单位：University of Southern California; University of Chicago; University of Chicago
摘要：This paper studies inference in randomized controlled trials with multiple treatments, where treatment status is determined according to a matched tuples design. If there are |D| possible treatments, then by a matched tuples design, we mean an experimental design where units are sampled i.i.d. from the population of interest, grouped into homogeneous blocks of size |D|, and finally, within each block, exactly one individual is randomly assigned to each of the |D| treatments. We first study est...
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作者：Liao, Yuan; Todorov, Viktor
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Northwestern University
摘要：We develop a test for deciding whether the linear spaces spanned by the factor exposures of a large cross-section of assets toward latent systematic risk factors at two distinct points in time are the same. The test uses a panel of asset returns in local windows around the two time points. The asymptotic setup is of joint type: the number of assets and the number of return observations per asset increase asymptotically while the length of both time windows shrinks. We estimate the factor expos...
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作者：Noda, Shunya; Teramoto, Kazuhiro
作者单位：University of Tokyo; Hitotsubashi University
摘要：This paper analyzes panic buying of storable consumer products accompanied by disasters, using a novel consumer-search theoretic equilibrium model where consumers follow (S,s) inventory policies. We show that, even if consumers are fully rational, an anticipated temporary increase in consumer shopping costs (as well as conventional demand and supply shocks) can trigger an upward spiral of hoarding demand and result in serious shortages. Due to congestion externalities, panic buying leads to th...
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作者：Bardhan, Pranab; Mitra, Sandip; Mookherjee, Dilip; Nath, Anusha
作者单位：University of California System; University of California Berkeley; Indian Statistical Institute; Indian Statistical Institute Kolkata; Boston University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Using rural household survey data from West Bengal, we find that voters respond positively to excludable government welfare benefits but not to local public good programs, while reporting having benefited from both. Consistent with these voting patterns, shocks to electoral competition induced by exogenous redistricting of villages resulted in upper-tier governments manipulating allocations across local governments only for excludable benefit programs. Using a hierarchical budgeting model, we ...
