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作者：Compiani, Giovanni
作者单位：University of Chicago
摘要：Demand estimates are essential for addressing a wide range of positive and normative questions in economics that are known to depend on the shape-and notably the curvature-of the true demand functions. The existing frontier approaches, while allowing flexible substitution patterns, typically require the researcher to commit to a parametric specification. An open question is whether these a priori restrictions are likely to significantly affect the results. To address this, I develop a nonparam...
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作者：de Groot, Oliver; Richter, Alexander W.; Throckmorton, Nathaniel A.
作者单位：University of Liverpool; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：This paper shows the success of valuation risk-time-preference shocks in Epstein-Zin utility-in resolving asset pricing puzzles rests sensitively on the way it is introduced. The specification used in the literature is at odds with several desirable properties of recursive preferences because the weights in the time-aggregator do not sum to one. When we revise the specification in a simple asset pricing model the puzzles resurface. However, when estimating a sequence of increasingly rich model...
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作者：Ichimura, Hidehiko; Newey, Whitney K.
作者单位：University of Arizona; University of Tokyo; Massachusetts Institute of Technology (MIT)
摘要：There are many economic parameters that depend on nonparametric first steps. Examples include games, dynamic discrete choice, average exact consumer surplus, and treatment effects. Often estimators of these parameters are asymptotically equivalent to a sample average of an object referred to as the influence function. The influence function is useful in local policy analysis, in evaluating local sensitivity of estimators, and constructing debiased machine learning estimators. We show that the ...
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作者：Friedrich, Benjamin; Laun, Lisa; Meghir, Costas
作者单位：Northwestern University; Yale University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; IZA Institute Labor Economics
摘要：This paper analyzes earnings inequality and earnings dynamics in Sweden over 1985-2016. The deep recession in the early 1990s marks a historic turning point with a massive increase in earnings inequality and earnings volatility, and the impact of the recession and the recovery from it lasted for decades. In the aftermath of the recession, we find steady growth in real earnings across the entire distribution for men and women and decreasing inequality over more than 20 years. Despite the positi...
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作者：Sasaki, Yuya; Ura, Takuya; Zhang, Yichong
作者单位：Vanderbilt University; University of California System; University of California Davis; Singapore Management University
摘要：This paper considers estimation and inference for heterogeneous counterfactual effects with high-dimensional data. We propose a novel robust score for debiased estimation of the unconditional quantile regression (Firpo, Fortin, and Lemieux (2009)) as a measure of heterogeneous counterfactual marginal effects. We propose a multiplier bootstrap inference and develop asymptotic theories to guarantee the size control in large sample. Simulation studies support our theories. Applying the proposed m...
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作者：Lo Bello, Salvatore; Morchio, Iacopo
作者单位：European Central Bank; Bank of Italy; University of Bristol
摘要：We develop a dynamic quantitative model of occupational choice and search frictions with multiple channels of intergenerational transmission (comparative advantage, social contacts, and preferences), and use it to decompose the occupational persistence observed in the UK. In the model, workers who choose their father's occupation find jobs faster and earn lower wages, which is consistent with patterns found in UK data. Quantitatively, parental networks account for 79% of total persistence. Shu...
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作者：Offerman, Theo; Romagnoli, Giorgia; Ziegler, Andreas
作者单位：University of Amsterdam
摘要：The popularity of open ascending auctions is often attributed to the fact that openly observable bidding allows to aggregate dispersed information. Another reason behind the frequent utilization of open auction formats may be that they activate revenue enhancing biases. In an experiment, we compare three auctions that differ in how much information is revealed and in the potential activation of behavioral biases: (i) the ascending Vickrey auction, a closed format; and two open formats, (ii) th...
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作者：Blanco, Andres; Diaz de Astarloa, Bernardo; Drenik, Andres; Moser, Christian; Trupkin, Danilo R.
作者单位：University of Michigan System; University of Michigan; University of Buenos Aires; National University of La Plata; University of Texas System; University of Texas Austin; Columbia University; Centre for Economic Policy Research - UK; University of Buenos Aires; Consejo Nacional de Investigaciones Cientificas y Tecnicas (CONICET); University of Buenos Aires; CONICET UBA
摘要：This paper studies earnings inequality and dynamics in Argentina between 1996 and 2015. Following the 2001-2002 crisis, the Argentine economy transitioned from a low- to a high-inflation regime, while collective bargaining and the minimum wage gained influence. This transition was associated with a persistent decrease in earnings dispersion and cyclical movements in higher-order moments of the distribution of earnings changes. To shed light on the changing nature of wage rigidity during this p...
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作者：Guvenen, Fatih; Pistaferri, Luigi; Violante, Giovanni L.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Stanford University; Princeton University; Centre for Economic Policy Research - UK
摘要：The Global Repository of Income Dynamics (GRID) is a new open-access, cross-country database that contains a wide range of micro statistics on income inequality, dynamics, and mobility. It has four key characteristics: it is built on micro panel data drawn from administrative records; it fully exploits the longitudinal dimension of the underlying data sets; it offers granular descriptions of income inequality and income dynamics for finely defined subpopulations; and it is designed from the gr...
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作者：Chan, Joshua C. C.
作者单位：Purdue University System; Purdue University
摘要：Large Bayesian VARs are now widely used in empirical macroeconomics. One popular shrinkage prior in this setting is the natural conjugate prior as it facilitates posterior simulation and leads to a range of useful analytical results. This is, however, at the expense of modeling flexibility, as it rules out cross-variable shrinkage, that is, shrinking coefficients on lags of other variables more aggressively than those on own lags. We develop a prior that has the best of both worlds: it can acc...
