-
作者：Setty, Ofer
作者单位：Tel Aviv University
摘要：I model job-search monitoring in the optimal unemployment insurance framework, in which job-search effort is the worker's private information. In the model, monitoring provides costly information upon which the government conditions unemployment benefits. Using a simple one-period model with two effort levels, I show analytically that the monitoring precision increases and the utility spread decreases if and only if the inverse of the worker's utility in consumption has a convex derivative. Th...
-
作者：Li, Jia; Todorov, Viktor; Tauchen, George
作者单位：Duke University; Northwestern University
摘要：We develop tests for deciding whether a large cross-section of asset prices obey an exact factor structure at the times of factor jumps. Such jump dependence is implied by standard linear factor models. Our inference is based on a panel of asset returns with asymptotically increasing cross-sectional dimension and sampling frequency, and essentially no restriction on the relative magnitude of these two dimensions of the panel. The test is formed from the high-frequency returns at the times when...
-
作者：Andrews, Donald W. K.; Marmer, Vadim; Yu, Zhengfei
作者单位：Yale University; University of British Columbia; University of Tsukuba
摘要：This paper considers tests and confidence sets (CSs) concerning the coefficient on the endogenous variable in the linear IV regression model with homoskedastic normal errors and one right-hand side endogenous variable. The paper derives a finite-sample lower bound function for the probability that a CS constructed using a two-sided invariant similar test has infinite length and shows numerically that the conditional likelihood ratio (CLR) CS of Moreira (2003) is not always very close, say 0.00...
-
作者：Guerron-Quintana, Pablo A.; Jinnai, Ryo
作者单位：Boston College; Escuela Superior Politecnica del Litoral; Hitotsubashi University
摘要：We study the causes behind the shift in the level of U.S. GDP following the Great Recession. To this end, we propose a model featuring endogenous productivity a la Romer and a financial friction a la Kiyotaki-Moore. Adverse financial disturbances during the recession and the lack of strong tailwinds post-crisis resulted in a severe contraction and the downward shift in the economy's trend. Had financial conditions remained stable during the crisis, the economy would have grown at its average g...
-
作者：Johnson, Janna E.; Taylor, Evan J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago
摘要：Rural-urban migration is an integral part of the structural transformation as societies move from a traditional agricultural economy to a modern economy. This process has many potential consequences for migrants. Our study focuses on the lifetime health effects of the large mid-20th century migration out of rural U.S. Northern Great Plains states, primarily to urban locations in the West and Midwest. An analysis of marginal treatment effects (MTEs) shows that (a) migrants are positively select...
-
作者：Evdokimov, Piotr; Garfagnini, Umberto
作者单位：Instituto Tecnologico Autonomo de Mexico; University of Surrey
摘要：We design a laboratory experiment to study behavior in a multidivisional organization. The organization faces a trade-off between coordinating its decisions across the divisions and meeting division-specific needs that are known only to the division managers, who can communicate their private information through cheap talk. While the results show close to optimal communication, we also find systematic deviations from optimal behavior in how the communicated information is used. Specifically, s...
-
作者：Hamilton, Barton H.; Papageorge, Nicholas W.; Pande, Nidhi
作者单位：Washington University (WUSTL); Johns Hopkins University; National Bureau of Economic Research; University of Delhi
摘要：We construct a structural model of entry into self-employment to evaluate the impact of policies supporting entrepreneurship. Previous work has recognized that workers may opt for self-employment due to the nonpecuniary benefits of running a business and not necessarily because they are good at it. Other literature has examined how socio-emotional skills, such as personality traits, affect selection into self-employment. We link these two lines of inquiry. The model we estimate captures three ...
-
作者：Gong, Yifan; Stinebrickner, Todd; Stinebrickner, Ralph
作者单位：Western University (University of Western Ontario)
摘要：We use unique data from the Berea Panel Study to characterize how much earnings uncertainty is present for students at college entrance and how quickly this uncertainty is resolved. We characterize uncertainty using survey questions that elicit the entire distribution describing one's beliefs about future earnings. Taking advantage of the longitudinal nature of the expectations data, we find that roughly two-thirds of the income uncertainty present at the time of entrance remains at the end of...
-
作者：Williams, Benjamin
作者单位：George Washington University
摘要：In this paper, I study identification of a nonseparable model with endogeneity arising due to unobserved heterogeneity. Identification relies on the availability of binary proxies that can be used to control for the unobserved heterogeneity. I show that the model is identified in the limit as the number of proxies increases. The argument does not require an instrumental variable that is excluded from the outcome equation nor does it require the support of the unobserved heterogeneity to be fin...
-
作者：Guggenberger, Patrik; Kleibergen, Frank; Mavroeidis, Sophocles
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Amsterdam; University of Oxford
摘要：We study subvector inference in the linear instrumental variables model assuming homoskedasticity but allowing for weak instruments. The subvector Anderson and Rubin (1949) test that uses chi square critical values with degrees of freedom reduced by the number of parameters not under test, proposed by Guggenberger, Kleibergen, Mavroeidis, and Chen (2012), controls size but is generally conservative. We propose a conditional subvector Anderson and Rubin test that uses data-dependent critical va...
