-
作者：Cho, Yunho; Li, Shuyun May; Uren, Lawrence
作者单位：University of Jinan; University of Melbourne
摘要：Property transaction taxes-also known as stamp duty-are widely viewed as an inefficient form of taxation. In this paper, we examine the welfare implications of removing stamp duty in a general equilibrium overlapping generation model with heterogeneous agents. Our model features an idiosyncratic shock to housing preferences, which may create mismatch or induce households to move. We calibrate the model to the Australian housing market, and conduct counterfactual policy experiments where stamp ...
-
作者：Dzemski, Andreas; Okui, Ryo
作者单位：University of Gothenburg; Keio University
摘要：Our confidence set quantifies the statistical uncertainty from data-driven group assignments in grouped panel models. It covers the true group memberships jointly for all units with pre-specified probability and is constructed by inverting many simultaneous unit-specific one-sided tests for group membership. We justify our approach under N,T -> infinity asymptotics using tools from high-dimensional statistics, some of which we extend in this paper. We provide Monte Carlo evidence that the conf...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
