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作者：Abrevaya, Jason; Donald, Stephen G.
作者单位：University of Texas System; University of Texas Austin
摘要：Missing data are a common challenge facing empirical researchers. This paper presents a general GMM framework and estimator for dealing with missing values of an explanatory variable in linear regression analysis. The GMM estimator is efficient under assumptions needed for consistency of linear-imputation methods. The estimator, which also allows for a specification test of the missingness assumptions, is compared to existing linear imputation, complete data, and dummy variable methods commonl...
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作者：Bernasco, Wim; de Graaff, Thomas; Rouwendal, Jan; Steenbeek, Wouter
作者单位：Vrije Universiteit Amsterdam; Vrije Universiteit Amsterdam
摘要：Using data on the age, sex, ethnicity, and criminal involvement of more than 14 million residents of all ages residing in approximately 4,000 Dutch neighborhoods, we test if an individual's criminal involvement is affected by the proportion of criminals living in his or her residential neighborhood. We develop a binomial discrete choice model for criminal involvement and estimate it on individual data. We control for both the endogeneity that may be related to unobserved neighborhood character...
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作者：Agarwal, Sumit; Qian, Wenlan
作者单位：Georgetown University; National University of Singapore
摘要：Using unique consumer financial transactions of more than 56,000 consumers, we study the consumption response to a housing policy experiment in Singapore that resulted in a decrease in access to home equity. Using difference-in-differences analysis, we find a significant negative consumption response to the policy shock. Moreover, the consumption response is concentrated in credit card spending and is stronger among individuals with limited access to credit market or with a high precautionary ...
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作者：Borowiecki, Karol Jan
作者单位：University of Southern Denmark
摘要：The importance of creativity is being increasingly recognized by economists; however, the possibility that emotional factors determine creative processes is largely ignored. Building on 1,400 letters written by three famous music composers, I obtain well-being indices that span their lifetimes. The validity of this methodology is shown by linking the indices with biographical information and through estimation of the determinants of well-being. I then exploit the data and provide quantitative ...
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作者：Gorodnichenko, Yuriy; Roland, Gerard
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We argue that a more individualist culture leads to more innovation and to higher growth because of the social status rewards associated with innovation in that culture. We use data on the frequency of particular genes associated with collectivist cultures, as well as a measure of distance in terms of frequencies of blood types, and historic prevalence of pathogens to instrument individualism scores. The relationship between individualism and innovation/growth remains strong even after control...
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作者：Jarocinski, Marek; Mackowiak, Bartosz
作者单位：European Central Bank; Centre for Economic Policy Research - UK
摘要：We derive a closed-form expression for the posterior probability of Granger noncausality in a gaussian vector autoregression with a conjugate prior. We also express in closed form the posterior probability of Granger causal priority, a more general relation that accounts for indirect effects between variables and therefore is suitable in a multivariate context. One can use these results to answer the classic question, Is variable z relevant for variable x? and to choose variables for a vector ...
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作者：Lehrer, Steven; Xie, Tian
作者单位：Queens University - Canada; New York University; NYU Shanghai; National Bureau of Economic Research; Xiamen University; Xiamen University
摘要：Business decision makers are increasingly using predictive social media analytic tools in forecasting exercises but ignoring potential model uncertainty. Using data on the universe of Twitter messages, we calculate the sentiment regarding each film to understand whether these opinions affect box office opening and DVD retail sales. Our results contrasting eleven different econometric strategies including penalization methods indicate that accounting for model uncertainty can lead to large gain...
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作者：Berkowitz, Daniel; Ma, Hong; Nishioka, Shuichiro
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Tsinghua University; West Virginia University
摘要：Following the enactment of reforms in the mid-1990s, China's state-owned enterprises (SOEs) became more profitable. Using theoretical insights from Azmat, Manning, and Van Reenen (2012) and Karabarbounis and Neiman (2014) and econometric methods in De Loecker andWarzynski (2012), this paper finds that SOE restructuring was nevertheless limited. This is because SOE profitability gains in part reflect that they were under less political pressure to hire excess labor and also their cost of capita...
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作者：Carter, Andrew V.; Schnepel, Kevin T.; Steigerwald, Douglas G.
作者单位：University of California System; University of California Santa Barbara; University of Sydney
摘要：For a cluster-robust t-statistic under cluster heterogeneity we establish that the cluster-robust t-statistic has a gaussian asymptotic null distribution and develop the effective number of clusters, which scales down the actual number of clusters, as a guide to the behavior of the test statistic. The implications for hypothesis testing in applied work are that the number of clusters, rather than the number of observations, should be reported as the sample size, and the effective number of clu...
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作者：Carpenter, Christopher; Dobkin, Carlos
作者单位：Vanderbilt University; National Bureau of Economic Research; University of California System; University of California Santa Cruz
摘要：We provide the first evaluation of the effect of the U.S. minimum legal drinking age (MLDA) on nonfatal injuries. Using administrative records from several states and a regression discontinuity approach, we document that inpatient hospital admissions and emergency department (ED) visits increase by 8.4 and 71.3 per 10,000 person-years, respectively, at age 21. These effects are due mainly to an increase in the rate at which young men experience accidental injuries, alcohol overdoses, and injur...
