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作者：Liu, Kai
作者单位：University of Cambridge; Norwegian School of Economics (NHH)
摘要：I address the causes of the gender wage gap with a new dynamic model of wage, hours, and job changes that permits me to decompose the gap into a portion due to gender differences in preferences for hours of work and in constraints. The dynamic model allows the differences in constraints to reflect possible gender differences in job arrival rates, job destruction rates, the mean and variance of the wage offer distribution, and the wage cost of part-time work. The model is estimated using the 19...
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作者：Igami, Mitsuru; Yang, Nathan
作者单位：Yale University; McGill University
摘要：We develop a dynamic entry model of multi-store oligopoly with heterogeneous markets, and estimate it using data on hamburger chains in Canada (1970-2005). Because more lucrative markets attract more entry, firms appear to favor the presence of more rivals. Thus unobserved heterogeneity across geographical markets creates an endogeneity problem and poses a methodological challenge in the estimation of dynamic games, which we address by combining the procedures proposed by Kasahara and Shimotsu...
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作者：Hull, Isaiah
作者单位：Sveriges Riksbank
摘要：I study financial product innovation in a model with two classes of agents: sophisticated and unsophisticated. Unsophisticated agents are hit with frictions that lower the return to a conventional asset they hold. Sophisticated agents construct financial innovations that are perfect substitutes for the conventional asset, but are not subject to the friction. In the absence of complete information, unsophisticated agents learn about innovations through a contagion process, as they encounter com...
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作者：Escanciano, Juan Carlos; Jacho-Chavez, David; Lewbel, Arthur
作者单位：Indiana University System; Indiana University Bloomington; Emory University; Boston College
摘要：Let H-0(X) be a function that can be nonparametrically estimated. Suppose E[Y vertical bar X] = F-0[X-inverted perpendicular beta(0), H-0(X)]. Many models fit this framework, including latent index models with an endogenous regressor and nonlinear models with sample selection. We show that the vector beta(0) and unknown function F-0 are generally point identified without exclusion restrictions or instruments, in contrast to the usual assumption that identification without instruments requires ...
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作者：Barseghyan, Levon; Molinari, Francesca; Teitelbaum, Joshua C.
作者单位：Cornell University; Georgetown University
摘要：We leverage the assumption that preferences are stable across contexts to partially identify and conduct inference on the parameters of a structural model of risky choice. Working with data on households' deductible choices across three lines of insurance coverage and a model that nests expected utility theory plus a range of non-expected utility models, we perform a revealed preference analysis that yields household-specific bounds on the model parameters. We then impose stability and other s...
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作者：Echenique, Federico; Wilson, Alistair J.; Yariv, Leeat
作者单位：California Institute of Technology; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We experimentally study the Gale and Shapley (1962) mechanism, which is utilized in a wide set of applications, most prominently the National Resident Matching Program (NRMP). Several insights come out of our analysis. First, only 48% of our observed outcomes are stable, and among those a large majority culminate at the receiver-optimal stable matching. Second, receivers rarely truncate their true preferences: it is the proposers who do not make offers in order of their preference, frequently ...
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作者：Foerster, Andrew; Rubio-Ramirez, Juan F.; Waggoner, Daniel F.; Zha, Tao
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：Markov-switching dynamic stochastic general equilibrium (MSDSGE) modeling has become a growing body of literature on economic and policy issues related to structural shifts. This paper develops a general perturbation methodology for constructing high-order approximations to the solutions of MSDSGE models. Our new method-the partition perturbation method-partitions the Markov-switching parameter space to keep a maximum number of time-varying parameters from perturbation. For this method to work...
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作者：Kline, Brendan; Tamer, Elie
作者单位：University of Texas System; University of Texas Austin; Harvard University
摘要：This paper develops a Bayesian approach to inference in a class of partially identified econometric models. Models in this class are characterized by a known mapping between a point identified reduced-form parameter mu and the identified set for a partially identified parameter theta. The approach maps posterior inference about mu to various posterior inference statements concerning the identified set for theta, without the specification of a prior for theta. Many posterior inference statement...
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作者：Otsu, Taisuke; Pesendorfer, Martin; Takahashi, Yuya
作者单位：University of London; London School Economics & Political Science; Johns Hopkins University
摘要：This paper proposes several statistical tests for finite state Markov games to examine whether data from distinct markets can be pooled. We formulate homogeneity tests of (i) the conditional choice and state transition probabilities, (ii) the steady-state distribution, and (iii) the conditional state distribution given an initial state. The null hypotheses of these homogeneity tests are necessary conditions (or maintained assumptions) for poolability of the data. Thus rejections of these null ...
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作者：Amir-Ahmadi, Pooyan; Matthes, Christian; Wang, Mu-Chun
作者单位：Goethe University Frankfurt; Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Hamburg
摘要：How much have the dynamics of U.S. time series changed over the last century? Has the evolution of the Federal Reserve as an institution over the 100 years altered the transmission of monetary policy shocks? To tackle these questions, we build a multivariate time series model with time-varying parameters and stochastic volatility that features measurement errors in observables. We find substantial changes in the structure of the economy. There is also large variation in the impact of monetary ...
