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作者：Ahlin, Christian
作者单位：Michigan State University
摘要：How has the microcredit movement managed to push financial frontiers? Theory shows that if borrowers vary in unobservable risk, then group-based, joint liability contracts price for risk more accurately than individual contracts, provided that borrowers match with others of similar project riskiness (Ghatak (1999, 2000)). This more accurate risk-pricing can attract safer borrowers and rouse an otherwise dormant credit market. We extend the theory to include correlated risk, and show that borro...
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作者：Canen, Nathan; Schwartz, Jacob; Song, Kyungchul
作者单位：University of Houston System; University of Houston; University of Haifa; University of British Columbia
摘要：In various economic environments, people observe other people with whom they strategically interact. We can model such information-sharing relations as an information network, and the strategic interactions as a game on the network. When any two agents in the network are connected either directly or indirectly in a large network, empirical modeling using an equilibrium approach can be cumbersome, since the testable implications from an equilibrium generally involve all the players of the game,...
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作者：van den Berg, Gerard J.; Bozio, Antoine; Dias, Monica Costa
作者单位：University of Bristol; University of Groningen; Paris School of Economics; Universidade do Porto
摘要：Causal effects of a policy change on hazard rates of a duration outcome variable are not identified from a comparison of spells before and after the policy change if there is unobserved heterogeneity in the effects and no model structure is imposed. We develop a discontinuity approach that overcomes this by considering spells that include the moment of the policy change and by exploiting variation in the moment at which different cohorts are exposed to the policy change. We prove identificatio...
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作者：Yoon, Jungmo; Galvao, Antonio F.
作者单位：Hanyang University; University of Arizona
摘要：This study develops cluster robust inference methods for panel quantile regression (QR) models with individual fixed effects, allowing for temporal correlation within each individual. The conventional QR standard errors can seriously underestimate the uncertainty of estimators and, therefore, overestimate the significance of effects, when outcomes are serially correlated. Thus, we propose a clustered covariance matrix (CCM) estimator to solve this problem. The CCM estimator is an extension of ...
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作者：Choi, Sekyu; Valladares-Esteban, Arnau
作者单位：University of Bristol; University of St Gallen
摘要：We study unemployment insurance in a framework where the main source of heterogeneity among agents is the type of household they live in: some agents live alone while others live with their spouses as a family. Our exercise is motivated by the fact that married individuals can rely on spousal income to smooth labor market shocks, while singles cannot. We extend a version of the standard incomplete-markets model to include two-agent households and calibrate it to the US economy with special emp...
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作者：Gerard, Francois; Rokkanen, Miikka; Rothe, Christoph
作者单位：University of London; Queen Mary University London; Amazon.com; University of Mannheim
摘要：The key assumption in regression discontinuity analysis is that the distribution of potential outcomes varies smoothly with the running variable around the cutoff. In many empirical contexts, however, this assumption is not credible; and the running variable is said to be manipulated in this case. In this paper, we show that while causal effects are not point identified under manipulation, one can derive sharp bounds under a general model that covers a wide range of empirical patterns. The ext...
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作者：Sieg, Holger; Yoon, Chamna
作者单位：University of Pennsylvania; Korea Advanced Institute of Science & Technology (KAIST)
摘要：We develop a new dynamic equilibrium model with heterogeneous households that captures the most important frictions that arise in housing rental markets and explains the political popularity of affordable housing policies. We estimate the model using data collected by the New York Housing Vacancy Survey in 2011. We find that there are significant adjustment costs in all markets as well as serious search frictions in the market for affordable housing. Moreover, there are large queuing frictions...
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作者：Boehm, Michael J.
作者单位：University of Bonn; IZA Institute Labor Economics
摘要：This paper proposes a new approach to estimate task prices per efficiency unit of skill in the Roy model. I show how the sorting of workers into tasks and their associated wage growth can be used to identify changes in task prices under relatively weak assumptions. The estimation exploits the fact that the returns to observable talents will change differentially over time depending on the changes in prices of those tasks that they predict workers to sort into. In the generalized Roy model, als...
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作者：Drautzburg, Thorsten
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Structural DSGE models are used for analyzing both policy and the sources of business cycles. Conclusions based on full structural models are, however, potentially affected by misspecification. A competing method is to use partially identified SVARs based on narrative shocks. This paper asks whether both approaches agree. Specifically, I use narrative data in a DSGE-SVAR that partially identify policy shocks in the VAR and assess the fit of the DSGE model relative to this narrative benchmark. ...
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作者：Masten, Matthew A.; Poirier, Alexandre
作者单位：Duke University; Georgetown University
摘要：Given a set of baseline assumptions, a breakdown frontier is the boundary between the set of assumptions which lead to a specific conclusion and those which do not. In a potential outcomes model with a binary treatment, we consider two conclusions: First, that ATE is at least a specific value (e.g., nonnegative) and second that the proportion of units who benefit from treatment is at least a specific value (e.g., at least 50%). For these conclusions, we derive the breakdown frontier for two ki...
