Review of Economics and Statistics

最新文章

• An Empirical Model of Dyadic Link Formation in a Network with Unobserved Heterogeneity AI翻译
  作者：Dzemski, Andreas
  作者单位：University of Gothenburg
  摘要：I study a dyadic linking model in which agents form directed links that exhibit homophily and reciprocity. A fixed-effect approach accounts for unobserved sources of degree heterogeneity. I consider specification testing and inference with respect to the homophily and reciprocity parameters. The specification test compares observed transitivity to predicted transitivity. All test statistics account for the presence of an incidental parameter by using formulas based on an asymptotic approximati...
• The Effect of FOMC Votes on Financial Markets AI翻译
  作者：Madeira, Carlos; Madeira, Joao
  作者单位：Central Bank of Chile; University of York - UK
  摘要：This paper shows that since votes of members of the Federal Open Market Committee have been included in press statements, stock prices increase after the announcement when votes are unanimous but fall when dissent (which typically is due to preference for higher interest rates) occurs. This pattern started prior to the 2007-2008 financial crisis. The differences in stock market reaction between unanimity and dissent remain, even controlling for the stance of monetary policy and consecutive dis...
• Agricultural Fires and Health at Birth AI翻译
  作者：Rangel, Marcos A.; Vogl, Tom S.
  作者单位：Duke University; University of California System; University of California San Diego; National Bureau of Economic Research
  摘要：Fire has long served as a tool in agriculture, but the practice's link with economic activity has made its health consequences difficult to study. Drawing on data from satellite-based fire detection systems, air monitors, and vital records in Brazil, we study how in utero exposure to smoke from sugarcane harvest fires affects health at birth. Exploiting daily changes in fire location and wind direction for identification, we find that late-pregnancy smoke exposure decreases birthweight, gestat...
• This Is Only a Test? Long-Run and Intergenerational Impacts of Prenatal Exposure to Radioactive Fallout AI翻译
  作者：Black, Sandra E.; Butikofer, Aline; Devereux, Paul J.; Salvanes, Kjell G.
  作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; IZA Institute Labor Economics; Norwegian School of Economics (NHH); University College Dublin
  摘要：We examine the effect of radiation exposure in utero, resulting from nuclear weapon testing in the 1950s and early 1960s, on long-run outcomes of Norwegian children. Exposure to low-dose radiation, specifically during months 3 and 4 in utero, leads to lower IQ scores for men and lower education attainment and earnings among men and women. Children of persons affected in utero also have lower cognitive scores, suggesting a persistent intergenerational effect of the shock to endowments. Given th...
• Defaults and Donations: Evidence from a Field Experiment AI翻译
  作者：Altmann, Steffen; Falk, Armin; Heidhues, Paul; Jayaraman, Rajshri; Teirlinck, Marrit
  作者单位：University of Copenhagen; University of Bonn; University of Bonn; European School of Management & Technology; University of Toronto; Humboldt University of Berlin
  摘要：We study the effects of defaults on charitable giving in a large-scale field experiment on an online fundraising platform. We exogenously vary default options along two choice dimensions: the charitable donation decision and the co-donation decision regarding how much to contribute to supporting the platform. We document a strong effect of defaults on individual behavior but nevertheless find that aggregate donation levels are unaffected by defaults. In contrast, co-donations increase in the d...
• Impulse Response Estimation by Smooth Local Projections AI翻译
  作者：Barnichon, Regis; Brownlees, Christian
  作者单位：Center for Economic & Policy Research (CEPR); Pompeu Fabra University; Barcelona School of Economics
  摘要：Local projections (LP) is a popular methodology for the estimation of impulse responses (IR). Compared to the traditional VAR approach, LP allow for more flexible IR estimation by imposing weaker assumptions on the dynamics of the data. The nonparametric nature of LP comes at an efficiency cost, and in practice, the LP estimator may suffer from excessive variability. In this work, we propose an IR estimation methodology based on B-spline smoothing called smooth local projections (SLP). The SLP...
• Environmental Engel Curves: Indirect Emissions of Common Air Pollutants AI翻译
  作者：Levinson, Arik; O'Brien, James
  作者单位：Georgetown University; National Bureau of Economic Research; Gettysburg College
  摘要：Environmental Engel curves (EECs) describe households' incomes and the pollution necessary to produce the goods and services they consume. We calculate 29 annual EECs from 1984 to 2012 for point-source air pollutants in the United States, revealing three clear results: EECs slope upward, have income elasticities less than 1, and shift down over time. Even without changes to production techniques, pollution would have declined despite growing incomes. This improvement can be attributed about eq...
• A New Regression-Based Tail Index Estimator AI翻译
  作者：Nicolau, Joao; Rodrigues, Paulo M. M.
  作者单位：Universidade de Lisboa; Universidade de Lisboa; Banco de Portugal; Universidade Nova de Lisboa
  摘要：A new regression-based approach for the estimation of the tail index of heavy-tailed distributions with several important properties is introduced. First, it provides a bias reduction when compared to available regression-based methods; second, it is resilient to the choice of the tail length used for the estimation of the tail index; third, when the effect of the slowly varying function at infinity of the Pareto distribution vanishes slowly, it continues to perform satisfactorily; and fourth,...
• Demand Learning and Firm Dynamics: Evidence from Exporters AI翻译
  作者：Berman, Nicolas; Rebeyrol, Vincent; Vicard, Vincent
  作者单位：Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Centre for Economic Policy Research - UK; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; European Central Bank; Bank of France
  摘要：This paper provides direct evidence that learning about demand is an important driver of firms' dynamics. We present a model of Bayesian learning in which firms are uncertain about idiosyncratic demand in each market and update their beliefs as noisy information arrives. Firms update their beliefs to a given demand shock more, the younger they are. We test and empirically confirm this prediction, using the structure of the model, together with exporter-level data, to identify demand shocks and...
• Valuing Time-Varying Attributes Using the Hedonic Model: When Is a Dynamic Approach Necessary? AI翻译
  作者：Bishop, Kelly C.; Murphy, Alvin D.
  作者单位：Arizona State University; Arizona State University-Tempe
  摘要：We build on the intuitive (static) modeling framework of Rosen (1974) and specify a simple, forward-looking model of location choice. We use this model, along with a series of graphs, to describe the potential biases associated with the static model and relate these biases to the time series of the amenity of interest. We then derive an adjustment factor that allows the potentially biased static estimates to be converted into forwardlooking estimates. Finally, we illustrate these concepts with...