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作者：Lazzati, Natalia
作者单位：University of Michigan System; University of Michigan
摘要：This paper studies (nonparametric) partial identification of treatment response with social interactions. It imposes conditions motivated by economic theory on the primitives of the model, that is, the structural equations, and shows that they imply shape restrictions on the distribution of potential outcomes via monotone comparative statics. The econometric framework is tractable and allows for counterfactual predictions in models with multiple equilibria. Under three sets of assumptions, we ...
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作者：Andrews, Isaiah; Mikusheva, Anna
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper examines the issue of weak identification in maximum likelihood, motivated by problems with estimation and inference in a multidimensional dynamic stochastic general equilibrium model. We show that two forms of the classical score (Lagrange multiplier) test for a simple hypothesis concerning the full parameter vector are robust to weak identification. We also suggest a test for a composite hypothesis regarding a subvector of parameters. The suggested subset test is shown to be asymp...
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作者：Shi, Xiaoxia
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：In this paper, I propose a one-step nondegenerate test as an alternative to the classical Vuong (1989) tests. I show that the new test achieves uniform asymptotic size control in both the overlapping and the non-overlapping cases, while the classical Vuong tests do not. Meanwhile, the power of the new test can be substantially better than the two-step classical Vuong test and is not dominated by the one-step classical Vuong test. An extension to moment-based models is also developed. I apply t...
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作者：Maliar, Lilia; Maliar, Serguei
作者单位：Stanford University; Santa Clara University
摘要：We introduce a numerical algorithm for solving dynamic economic models that merges stochastic simulation and projection approaches: we use simulation to approximate the ergodic measure of the solution, we cover the support of the constructed ergodic measure with a fixed grid, and we use projection techniques to accurately solve the model on that grid. The construction of the grid is the key novel piece of our analysis: we replace a large cloud of simulated points with a small set of representa...
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作者：Trachter, Nicholas
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：A stepping stone arises in risky environments with learning and transferrable human capital. An example is the role played by academic two-year colleges in postsecondary education: Students, as they learn about the uncertain educational outcomes, can drop out or transfer up to harder and more rewarding schools, carrying a fraction of the accumulated human capital. A theory of education is built and contrasted empirically to find that (i) option value explains a large part of returns to enrollm...
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作者：Feng, Zhigang
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper examines a dynamic stochastic economy with a benevolent government that cannot commit to its future policies. I consider equilibria that are time-consistent and allow for history-dependent strategies. A new numerical algorithm is developed to solve for the set of equilibrium payoffs. For a baseline economy calibrated to the U.S. economy, the capital income tax with the highest social welfare is slightly procyclical, while the labor income tax is countercyclical. Compared with the da...
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作者：Berliant, Marcus; Watanabe, Hiroki
作者单位：Washington University (WUSTL); Texas State University System; Lamar University
摘要：The empirical regularity known as Zipf's law or the rank-size rule has motivated development of a theoretical literature to explain it. We examine the assumptions on consumer behavior, particularly about their inability to insure against the city-level productivity shocks, implicitly used in this literature. With either self-insurance or insurance markets, and either an arbitrarily small cost of moving or the assumption that consumers do not perfectly observe the shocks to firms' technologies,...
