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作者：Conley, Timothy G.; Hansen, Christian B.; Rossi, Peter E.
作者单位：University of Chicago
摘要：Instrumental variable (IV) methods are widely used to identify causal effects in models with endogenous explanatory variables. Often the instrument exclusion restriction that underlies the validity of the usual IV inference is suspect; that is, instruments are only plausibly exogenous. We present practical methods for performing inference while relaxing the exclusion restriction. We illustrate the approaches with empirical examples that examine the effect of 401(k) participation on asset accum...
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作者：Nevo, Aviv; Rosen, Adam M.
作者单位：Northwestern University; National Bureau of Economic Research
摘要：Dealing with endogenous regressors is a central challenge of applied research. The standard solution is to use instrumental variables that are assumed to be uncorrelated with unobservables. We instead allow the instrumental variable to be correlated with the error term, but we assume the correlation between the instrumental variable and the error term has the same sign as the correlation between the endogenous regressor and the error term and that the instrumental variable is less correlated w...
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作者：Burkhauser, Richard V.; Feng, Shuaizhang; Jenkins, Stephen P.; Larrimore, Jeff
作者单位：Cornell University; University of Melbourne; Shanghai University of Finance & Economics; University of Essex
摘要：Although most U.S. income inequality research is based on public use March CPS data, a new wave of research using IRS tax return data reports substantially faster inequality growth for recent years. We show that these apparently inconsistent estimates are largely reconciled when the income distribution and inequality are defined the same way. Using internal CPS data for 1967 to 2006, we show that CPS-based estimates of top income shares are similar to IRS data-based estimates reported by Piket...
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作者：Koetter, Michael; Kolari, James W.; Spierdijk, Laura
作者单位：University of Groningen; Texas A&M University System; Texas A&M University College Station
摘要：The quiet life hypothesis posits that firms with market power incur inefficiencies rather than reap monopolistic rents. We propose a simple adjustment to Lerner indices to account for the possibility of forgone rents to test this hypothesis. For a large sample of U.S. commercial banks, we find that adjusted Lerner indices are significantly larger than conventional Lerner indices and trending upward over time. Instrumental variable regressions reject the quiet life hypothesis for cost inefficie...
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作者：Evans, William N.; Garthwaite, Craig
作者单位：University of Notre Dame; Northwestern University
摘要：We exploit increases in postpartum length of stay generated by legislative changes in the late 1990s to identify the impact of greater hospital care on the health of newborns. Using all births in California over the 1995 2000 period, two-stage least-square estimates show that increased treatment intensity had a modest impact on readmission probabilities for the average newborn. Allowing the treatment effect to vary by two objective measures of medical need demonstrates that the law had large i...
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作者：Freedman, Seth; Kearney, Melissa; Lederman, Mara
作者单位：University of Michigan System; University of Michigan; Indiana University System; Indiana University Bloomington; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Toronto
摘要：In 2007, the Consumer Product Safety Commission issued 212 recalls of toys and other children's products, a sizable increase from previous years. We investigate changes in toy sales following these recalls. We find that for manufacturers that had recalls, unit sales of the types of toys involved in the recall fell relative to their sales of toys in other categories. We do not find evidence of within-manufacturer spillovers to dissimilar toys. We do, however, find large industry-wide spillovers...
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作者：Adams, Scott; Blackburn, McKinley L.; Cotti, Chad D.
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; University of South Carolina System; University of South Carolina Columbia; University of Wisconsin System; University of Wisconsin Oshkosh
摘要：Using cross-state variation in minimum wages, we observe a positive relationship between the minimum wage and the number of alcohol-related accidents involving teen drivers. A similar effect is not observed when examining accidents among adults. The results are consistent with a positive income elasticity for alcoholic beverages and driving activities among young people, in particular for consumption out of discretionary income accorded by higher minimum wages. Evidence of a sizable impact of ...
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作者：Bruhn, Miriam; Gallego, Francisco A.
作者单位：The World Bank; Pontificia Universidad Catolica de Chile
摘要：Levels of development vary widely within countries in the Americas. We argue that part of this variation has its roots in the colonial era, when colonizers engaged in different economic activities in different regions of a country. We present evidence consistent with the view that bad activities (those that depended heavily on labor exploitation) led to lower economic development today than good activities (those that did not rely on labor exploitation). Our results also suggest that differenc...
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作者：Carrillo, Paul E.; Emran, M. Shahe
作者单位：George Washington University; Columbia University
摘要：Governments provide public information to reduce information imperfections. Do households rely on public signals to inform themselves about market conditions? To identify the importance of public information in households' price expectations, we take advantage of a unique natural experiment in Ecuador where the published inflation rate had been different from the correct rate over a period of fourteen months due to a software error. We find that the public signal about prices plays an importan...
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作者：Andreou, Elena; Werker, Bas J. M.
作者单位：University of Cyprus; Tilburg University
摘要：This paper presents an alternative method to derive the limiting distribution of residual-based statistics. Our method does not impose an explicit assumption of (asymptotic) smoothness of the statistic of interest with respect to the model's parameters and thus is especially useful in cases where such smoothness is difficult to establish. Instead, we use a locally uniform convergence in distribution condition, which is automatically satisfied by residual-based specification test statistics. To...
